KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim said Malaysia aims to diversify its economic diplomacy efforts by participating in the intergovernmental organisation BRICS and enhance its collaboration with member countries through shared initiatives and strategic partnerships.
Malaysia has applied to join BRICS, a grouping of large emerging economies that was established in 2009 as a cooperation platform for emerging economies comprising Brazil, Russia, India, and China, with South Africa joining the group in 2010.
In January 2024, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE) joined the organisation as new members.
“India’s distinct and influential role within BRICS is of particular importance, as we recognise that our strong bilateral ties will add significant value to the dynamics of the grouping,” he said in his lecture titled: Towards a Rising Global South: Leveraging Malaysia-India Ties at Sapru House, Indian Council of World Affairs yesterday.
Anwar, who is also the finance minister, said Putrajaya is confident that its entry into this group will not only strengthen our economic linkages with India but also open new avenues for cooperation across a broader spectrum of industries and policy areas.
Calling such grouping as minilateralism, he said contrary to some views that such arrangements are contentious, Malaysia believes that minilateral mechanisms ultimately work towards delivering public goods to benefit our people and raise living standards.
“In that vein, Malaysia will not shy away from exercising agency and participating in these arrangements as we see fit. Our recent application to join BRICS is a fine example.”
Cumulatively, the gross domestic product (GDP) of BRICS member countries amounted to US$26.6 trillion, which is 26.2% of the world’s GDP, almost the same as the economic strength of the G7 countries.
BRICS member countries have a large population of 3.21 billion, and continues to increase with the inclusion of Egypt, Ethiopia, Iran, and the UAE – which have a total of 333 million people – forming a mega-market that includes as many as 3.54 billion people, or almost 45% of the world’s population.
Anwar arrived in the Indian capital of New Delhi on Monday for a three-day official visit to strengthen the 67-year-old India-Malaysia ties and establish a multi-sectoral cooperation agenda for the future.
Accompanying Anwar on the visit are Foreign Minister Datuk Seri Mohamad Hasan; Investment, Trade, and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz; Tourism, Arts and Culture Minister Tiong King Sing; Digital Minister Gobind Singh Deo; and Human Resources Minister Steven Sim.
This is the prime minister’s first visit to India after assuming office in November 2022.
Total trade between Malaysia and India stands at US$16.5 billion, bolstered by an impressive compounded annual growth rate of 8.5% in the last two decades. (US$1 = RM4.38)
Anwar added that the trade growth trajectory is not just a statistic but a testament to the deepening economic linkages facilitated by frameworks such as the Malaysia-India Comprehensive Economic Cooperation Agreement and the Asean-India Free Trade Agreement. – August 21, 2024