Malaysia’s Brics approach targets trade growth and opportunities, Wisma Putra reassures commitment to protect national interests

Malay Mail

KUALA LUMPUR, Nov 7 — The Government will continue to ensure that the nation’s interests are safeguarded and protected in all international organisations it participates in, including BRICS, according to the Foreign Ministry.

It said as a trading nation, it is important for Malaysia to maintain good relations with all countries, particularly in exploring opportunities that bring benefits through new trade and investment ventures.

“BRICS, which was established based on economic and financial development, does not discuss security issues, including the South China Sea dispute,” the ministry said in a written reply to Tan Sri Muhyiddin Yassin (PN-Pagoh), which was published on the Parliament website today.

The former prime minister wanted to know the Government’s approach, through Malaysia’s participation in BRICS, in ensuring that Malaysia reaps the benefits, including the security aspect of national waters in the South China Sea; and whether the announcement of Malaysia’s intention to join BRICS was made after a comprehensive impact assessment by experts or on the advice of Wisma Putra.

According to the ministry, Malaysia’s interest in joining BRICS, as expressed by Prime Minister Datuk Seri Anwar Ibrahim on June 13, is driven by the importance of economic and trade cooperation with BRICS member countries, which could accelerate the country’s economic development.

BRICS is an intergovernmental organisation currently comprising nine member countries, namely Brazil, Russia, India, China, South Africa, the United Arab Emirates, Ethiopia, Iran, and Egypt.

Collectively, BRICS member countries represent over 3.2 billion people or 41.5 per cent of the world’s population.

Cumulatively, the gross domestic product (GDP) of BRICS member countries amounted to US$26.6 trillion, contributing 26.2 per cent to global GDP.

This is nearly equivalent to the economic strength of the G7 countries. The economic power of the BRICS bloc will help boost international trade among its members, as well as Malaysia.

“In this regard, Malaysia’s participation as a BRICS ‘partner country’ is aligned with efforts to accelerate the nation’s economic growth in a faster, more stable, and resilient manner.

“This is because it has the potential to open up new market opportunities for the country’s trade, which could, in turn, increase trade and foreign direct investment (FDI) with BRICS member countries, thus diversifying Malaysia’s reliance on existing traditional markets,” the ministry said. — Bernama

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