Diversification and economic opportunities drive interest, but concerns about overreliance on China persist.
SINGAPORE: A growing number of Southeast Asian nations are signaling interest in joining the BRICS bloc of emerging economies, motivated by the potential for diversified global economic engagement. Analysts highlight that countries like Malaysia, Thailand, and Indonesia view BRICS as an avenue to expand trade, attract investments, and enhance their standing on the global stage.
Why BRICS Appeals to Southeast Asia
BRICS—comprising Brazil, Russia, India, China, and South Africa—has steadily gained influence since its establishment in 2006. With new members like Saudi Arabia, UAE, and Egypt joining in 2024, the bloc now represents over 28% of the global economy.
For countries like Malaysia, the appeal lies in its collective potential. Malaysian Prime Minister Anwar Ibrahim recently announced his country’s decision to join, citing opportunities for greater economic cooperation. Similarly, Thailand and Indonesia have shown interest, while Myanmar, Laos, and Vietnam are closely monitoring the bloc’s expansion.
“BRICS offers investment, trade, and infrastructure financing opportunities, particularly from China and India,” said Bhima Yudhistira, executive director of the think-tank CELIOS. For countries in ASEAN, China and India represent significant traditional markets, adding to the bloc’s allure.
Concerns Over Overdependence on China
Despite the economic opportunities, analysts caution that ASEAN countries joining BRICS could deepen their dependence on China. This could complicate geopolitical stances, especially on sensitive issues like the South China Sea conflict or Taiwan Straits tensions.
“China’s slowing domestic demand and ongoing property crisis present risks to ASEAN economies heavily reliant on Chinese trade,” Bhima warned. Furthermore, the dynamics within BRICS itself—such as strained relationships between China and India or Saudi Arabia and Iran—could hinder the bloc’s cohesiveness and potential.
Strategic Positioning by ASEAN States
Not all Southeast Asian nations are eager to join. Singapore, for example, remains cautious, citing its existing position as an investment and financial hub for Chinese companies without the need for BRICS membership. The Philippines, influenced by its territorial disputes with China, has also refrained from engaging with the bloc.
Meanwhile, Malaysia’s decision to join is seen as part of Prime Minister Anwar’s strategy to elevate the country’s foreign policy profile, particularly through stronger ties with China under the Belt and Road Initiative.
A Growing Bloc with Economic Potential
As BRICS expands, it continues to attract interest from countries seeking economic benefits and greater global influence. “Countries will remain interested in joining if BRICS members, particularly China and India, offer tangible investment packages, reduce export barriers, and support infrastructure projects aligned with national priorities,” Bhima noted.
While the bloc presents opportunities, Southeast Asian nations must navigate the risks of overdependence and geopolitical complexities as they weigh the benefits of joining BRICS.
