Philip J. Heijmans
(Bloomberg) -- As Russian President Vladimir Putin and Chinese Premier Li Qiang wrapped up separate meetings in Southeast Asia this week, the two partners in the BRICS economic bloc encountered a region keen to join a group seen as a hedge against Western-led institutions.
During an interview with Chinese media ahead of Li’s visit to Malaysia, Prime Minister Anwar Ibrahim declared his intention to apply to the bloc after it doubled in size this year by luring Global South nations — partly by offering access to financing but also by providing a political venue independent of Washington’s influence.
Thailand — a US treaty ally — last month announced its own bid to join BRICS, named after members Brazil, Russia, India, China and South Africa. The bloc “represents a south-south cooperative framework which Thailand has long desired to be a part of,” Foreign Minister Maris Sangiampongsa told reporters last week.
For countries seeking to mitigate the economic risks of intensifying US-China competition, joining BRICS is an attempt to straddle some of those tensions. In Southeast Asia, many nations depend economically on trade with China while also simultaneously welcoming the security presence and investment Washington provides.
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