Malaysia studied all implications before seeking BRICS membership, says PM

KUALA LUMPUR: Malaysia has studied all the implications and possibilities before expressing its intention to join BRICS, says Datuk Seri Anwar Ibrahim.

The Prime Minister said the current priority was strengthening trade and the economy, as well as expanding the country’s economic network to benefit the country and the people, particularly traders, the business sector, and investors.

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“So that is why we studied and reviewed it. And I agree with Seri Aman (Datuk Seri Doris Sophia Brodi – GPS), it took us some time to study all the possibilities and implications.

“We found that countries within the Asia-Pacific Economic Cooperation (Apec) are also in BRICS, while countries in the Organisation for Economic Co-operation and Development (OECD) are also in BRICS.

“So, there is no reason for Malaysia to be excluded from such considerations,” he said in reply to a supplementary question from Doris (GPS-Seri Aman) during Minister’s Question Time on Tuesday (July 9).

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Doris had asked the Prime Minister whether any studies were conducted following the intention to join BRICS, as some countries within the grouping have different political, economic, and social backgrounds.

Anwar, who is also the Finance Minister, said Malaysia is a trading nation and needs to expand its economic network to help the people and the country grow in terms of investments and trade.

“Aside from existing relations and cooperation, there are benefits for us to open new spaces, especially in terms of the Global South agenda.

“It shows the preparedness of countries to defend the interests of their own countries and not be bound by a single economic power,” added Anwar.

He assured that Malaysia would continue to strengthen its ties with Apec, as well as the Regional Comprehensive Economic Partnership (RCEP), encompassing fifteen economies across Asia and the Pacific, and The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

“And this will create new pathways or strengthen the existing ones.”