Malaysia Plans to Join BRICS Economic Group

Malaysia is gearing up to become a member of the BRICS group of emerging economies, according to Prime Minister Anwar Ibrahim. This move signals Malaysia’s intent to align with the growing coalition of nations challenging the current Western-dominated global economic order.

In an interview with Chinese media outlet Guancha, Anwar revealed that Malaysia is finalizing preparations to join BRICS. “We have made a decision, we will be placing the formal procedures soon… we are just waiting for the final results from the government in South Africa,” he stated in a video interview posted by Guancha on Sunday. A representative from Anwar’s office later confirmed his remarks to Reuters.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, has recently expanded its membership. Last year, it welcomed Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates into its fold. This expansion reflects the group’s strategic aim to create a more balanced global economic landscape, attracting interest from over 40 countries worldwide.

Prime Minister Anwar did not elaborate on the specific steps of Malaysia’s application process during the interview. His announcement precedes a scheduled three-day visit by Chinese Premier Li Qiang to Malaysia. The visit marks the 50th anniversary of diplomatic relations between Malaysia and China and is expected to result in several bilateral agreements, including the renewal of a five-year trade and economic cooperation pact.

The potential accession to BRICS is part of Malaysia’s broader strategy to enhance its international economic engagement. Aligning with BRICS could offer Malaysia new opportunities for trade and investment, as well as a platform to contribute to shaping a multipolar world economic structure.

Prime Minister Anwar’s statement comes at a significant moment, underscoring Malaysia’s commitment to diversifying its economic alliances and seeking new avenues for growth amidst a rapidly evolving global landscape.