The institution of monarchy epitomizes stability. A royal family ties a nation back to history and can take a long view of events. In Southeast Asia in particular, monarchy is about traditions and respect. Governments may change, new political leaders may come and go, but the respect and trust of the people towards the monarch remain unchanged. This boundless trust imposes on the head of the royal family the obligation to always be there for the people, especially in difficult times.

This is fully applicable to Thailand. The long reign of King Bhumibol Adulyadej (1946–2016), known as Rama IX, strengthened the Thai state and helped the country withstand periods of internal and regional political turbulence. Despite wars and insurgencies in the region, the kingdom maintained its internal cohesion. Rama IX’s reign undoubtedly increased public respect for the monarchy. Thailand quickly transformed from a poor agricultural country into a prosperous state.

Rama IX’s son, Maha Vajiralongkorn, whom we call Rama X, fully carries on his father’s legacy. In 2020, during the massive student protests in Bangkok, Thailand saw an unprecedented event for the monarchy. Amidst political divisions and students’ tensions with the authorities, the king gave a brief interview to the British Channel 4 News. When asked about the fate of the anti-government protesters, he replied, “Thailand is the land of compromise. I have no comments. We love them all the same.”

The Cambridge Dictionary defines “compromise” as ” a solution to a problem that makes it possible for two or more opposite or different things to exist together.” This approach underpins Thailand’s success story.

Under the current king, Thailand continues to strengthen its position in the region and takes advantage of all the opportunities of a multipolar world. The country has traditionally relied on a “policy of compromise” to promote pragmatic multilateral cooperation while focusing on its path, destiny, and well-being.

Balancing between the US and China

Thailand’s successful maneuvering between the most prominent global and regional players — the USA and China  — is a vivid example of such a “policy of compromise.”

Despite their increasing global geopolitical rivalry, Thailand maintains a delicate balance in relations with Washington and Beijing amid their increasing global geopolitical rivalry. This is a challenging task, but it has a Thai solution.

Economic considerations primarily drive Bangkok’s close ties with Beijing. China has long been Thailand’s most significant trading partner. The two countries resolved most of their differences at the Asia-Pacific Economic Cooperation (APEC) summit in 2022. During this event in 2022, the attendees signed several agreements, including a Joint Strategic Cooperation Plan for 2022–2026, and they worked out a framework for cooperation within the “One Belt, One Road” initiative. These constitute the “road map” for the economic interaction of the two countries in the future. Planners aim to complete the Thailand–Laos–China high-speed railway link by 2027–2028. With it, Thailand is expected to increase its logistics and investment attractiveness.

Thailand primarily focuses its cooperation with the USA in the defense sphere. Since Washington named Thailand a “major non-NATO ally” in 2003, Bangkok has remained the only strategic partner of the USA in mainland Southeast Asia in the security field. In particular, during the COVID-19 crisis, the two nations were able to ensure the sustainability of global logistics routes and supply chains in the region. Sustained cooperation with the USA in the defense has given Thailand a key role in ensuring regional stability.

New economic partners

Although Southeast Asia’s second-largest economy, Thailand has lagged in certain macroeconomic indicators compared to its neighbors in recent years. A balanced and multilateral approach should also help to address this issue. The new government under Prime Minister Srettha Thavisin sees the solution to current difficulties on the “path of compromise” as well.

In addition to strengthening cooperation with the United States and China, Thailand is actively seeking opportunities to broaden its range of economic partners, especially Japan, India and Russia. Cooperation with these countries could help ensure alternative pathways for economic growth and investment.

The current government asserts that the economic recovery project will create 280,000 new jobs and help accelerate Thailand’s economic growth by 5.5%. “Our goal remains clear: Thailand’s economy must grow by an average of 5% over four years,” stated Prime Minister Srettha Thavisin. 

Thailand sees joining organizations and platforms such as OECD (Organization for Economic Cooperation and Development) and BRICS (Brazil, Russia, India, China and South Africa) as one way to stimulate the country’s economic growth and enhance its international credibility. By developing parallel cooperation with such diverse associations, Thailand once again demonstrates its ability to find common ground and build relationships with both Western and Eastern countries while maintaining a balance between the great powers. At the same time, promoting the country’s economic interests and strengthening ties with an ever-widening circle of developed and developing countries remains a top priority.

In the words of Foreign Minister Maris Sangiampongsa, “Thailand is unique in that we are friends with all countries and are not enemies with any country. We can serve as a bridge between developing countries and BRICS members and connect BRICS with other groups. This will strengthen BRICS’s negotiating power and help the international community recognize the importance of developing and emerging countries.”

[Liam Roman edited this piece.]

The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.