Thailand eyes mutual benefits, economic opportunity through BRICS membership

Joining the BRICS group will bring mutual benefits, characterized by trade and economic opportunities, according to Thai Deputy Prime Minister Anutin Charnvirakul.

BRICS now comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates, with the latter five becoming its members in January this year.

Thailand is bidding to become the latest member of the group.

Russia, the host this year, has invited Thailand to attend October's BRICS summit, something Thailand hopes will be a stepping stone to full membership.

"Any economic and political partnership can always bring mutual benefits, when we start from mutual understanding and knowing one another well. With BRICS, we would share interests in economics and trade opportunities, including digital economy, alternative energy, and of course in assisting one another to promote in the sustainability development," said Charnvirakul.

Charnvirakul also stressed Thailand's offering to the group, as it serves as a strategic gateway to the ASEAN market and a key player in the global food security.

"I would like to emphasize that Thailand has much to offer to the BRICS members. We are at a strategic location in the middle of Southeast Asia, making us a gateway to the ASEAN market with over 600 million people. As one of the main food producers, Thailand could be a great partner for food security, as we aim to be the kitchen of the world," said Charnvirakul.

Thailand can also explore its strength in tourism after joining the BRICS bloc, said Charnvirakul.

"We also have a lot to offer from our tourism industry. If you look at each country in BRICS, you might agree with me that they are all unique and quite exotic to visitors, so is Thailand. This is the area that we can be creative in exploring ways to enhance our strength. And in the big picture, I would say that Thailand could be a bridge that connects BRICS with the ASEAN region for unlimited economic opportunities. With China as one of BRICS key members, I am certain that our journey with BRICS beyond the summit will move forward smoothly," he explained.

The 16th BRICS Summit, the first to be held after the BRICS expansion, is scheduled for Tuesday to Thursday in Kazan, Russia.

Thailand eyes mutual benefits, economic opportunity through BRICS membership

Thailand eyes mutual benefits, economic opportunity through BRICS membership

The 2024 Los Angeles Auto Show, one of the largest car events in the United States, is in full swing, serving as a platform for major automakers to unveil their latest models and concept cars. This year's highlight is the industry's transition to electric vehicles (EVs).

Unveiling a new electric vehicle at the Los Angeles Auto Show is no longer a novelty. Manufacturers are now stepping up by introducing electric SUVs and trucks, reflecting the growing demand for versatile EV options.

"What we're understanding is that some of the biggest purchase decisions are made on range and charging. So, everybody wants to have a long-range battery. So, anything over 300 miles, it seems to be the sweet spot. That is when you start getting people to consider switching from a gas-powered car to an electric car," said Shad Balch, Director of Communications at Chevrolet.

Electric vehicles are the buzzword at this year's show, with automakers showcasing new models that promise better performance, longer ranges, and faster charging capabilities.

However, some experts have raised concerns about market saturation. In developed markets like California, many early adopters have already made the switch to EVs.

Despite the higher costs, government incentives continue to play a crucial role in making EVs more accessible.

"EVs are here to stay. They are the wave of the future. Electric vehicles are better for emissions. And the government is mandating that all manufacturers have to produce EVs," said Claudia Anderson, Product Specialist at Subaru.

California is leading the charge with a mandate requiring all new vehicles sold in the state to be zero-emission by 2035. This corresponds to the growing environmental consciousness among consumers, which experts believe is driving the increasing demand for EVs.

"I'm from California. And remember, growing up when we had "spare the air days" - that the air was too dirty to go play outside. So, California's made big strides in leading the way with environmental policy, and the vehicles are a nice complement to help achieve that solution," said Balch.

According to "Statista Market Insights," the U.S. EV market is projected to grow at an average annual rate of over 10 percent, with total unit sales expected to reach 2.3 million vehicles by 2029.

Los Angeles Auto Show 2024 highlights surge in EVs