Thailand has proposed ideas for a constructive partnership between major emerging economies and developing nations to ensure sustainable economic recovery at the 14th BRICS Plus Summit.
According to Government Spokesperson Thanakorn Wangboonkongchana, Prime Minister and Defense Minister Gen Prayut Chan-o-cha attended the 14th BRICS Plus Summit (BRICS Plus High-Level Dialogue on Global Development) via teleconference on Friday (24 June). The meeting was attended by leaders from the five BRICS nations and 13 Emerging Markets and Developing Countries (EMDCs). The 14th BRICS Plus Summit was held under the theme: “Foster a Global Development Partnership for the New Era to Jointly Implement the 2030 Agenda for Sustainable Development.”
During his speech to the meeting’s participants, Gen Prayut expressed his honor to attend the BRICS Plus Dialogue and commended China for its BRICS Plus initiative in reaching out to EMDCs during these turbulent times. He also emphasized the importance of countries working together to overcome crises by revitalizing multilateralism to work towards greater resilience, balance and equity. The Thai premier also proposed three ideas for how BRICS and EMDCs can work together to chart a path forward for sustainable economic recovery.
First, he said multilateralism must be revitalized to effectively navigate and respond to current and future challenges. He also suggested that countries join hands in strengthening supply chains and enhancing connectivity at all levels to ensure broad access to food and essential needs.
Second, Gen Prayut emphasized the importance of balancing multilateralism with a more responsible and environmentally conscious mindset, explaining Thailand’s Bio-Circular-Green (BCG) economic model, which reflects this concept.
Finally, he called for urgent institutional reforms to strengthen the Global South’s participation in macroeconomic policy coordination. He noted that the current crisis is also an opportunity to consider how to strengthen resilience to future uncertainties by increasing the use of national currencies in transactions, integrating cross-border payment systems, and developing a fairer tax system to combat growing polarization.
The prime minister also affirmed Thailand’s support of China’s initiative on formalizing BRICS Plus engagement with EMDCs in building a global development partnership and a peaceful environment conducive to effectively de-escalating conflicts. As APEC host and BIMSTEC chair, Thailand stands ready to play its part in building bridges of cooperation from the Indian Ocean to the Pacific for the shared prosperity of people and future generations. (NNT)