Malaysia joins BRICS as a partner country to “strike a balance with great powers and open new business and investment opportunities”

MALAYSIA: Malaysia is now a partner country to BRICS (Brazil, India, China, and South Africa), an alliance described by Al Jazeera as aiming to challenge the economic and political monopoly of the West. 

The update was shared by @BRICSInfo on X (previously Twitter), confirming that Malaysia, along with 12 other nations, is classified as a “partner country (not a full member).” The nations added alongside Malaysia include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

JUST IN: BRICS officially adds 13 new nations to the alliance as partner countries (not full members).

🇩🇿 Algeria
🇧🇾 Belarus
🇧🇴 Bolivia
🇨🇺 Cuba
🇮🇩 Indonesia
🇰🇿 Kazakhstan
🇲🇾 Malaysia
🇳🇬 Nigeria
🇹🇭 Thailand
🇹🇷 Turkey
🇺🇬 Uganda
🇺🇿 Uzbekistan
🇻🇳 Vietnam pic.twitter.com/n1jIDcKega

— BRICS News (@BRICSinfo) October 23, 2024

According to Malay Mail, on July 28, Prime Minister Datuk Seri Anwar Ibrahim confirmed that Malaysia had submitted its application to Russia, the current chair of BRICS. Prior to that, Mr Anwar had expressed Malaysia’s intention to join during a conversation with Brazilian President Luiz Inacio Lula da Silva on June 18. 

Foreign Affairs Minister Datuk Seri Mohamad Hasan stated that Malaysia’s inclusion in BRICS as a partner country would create better trade opportunities, given the combined 3.2 billion population of BRICS member states.

In a written parliamentary response, he mentioned that Malaysia is committed to advancing the Global South agenda to enhance South-to-South cooperation and collaboration, especially during its upcoming tenure as chair of ASEAN next year.

According to the minister, Malaysia’s decision to join BRICS is “Malaysia’s effort to uphold policies and identity as an independent and neutral country, striking a balance with great powers and opening up new business and investment opportunities.”

He added that joining BRICS will boost Malaysia’s visibility internationally, especially in addressing urgent global issues.

Despite this new partnership with BRICS, Malaysia remains focused on its existing trade relationships with key partners like the United States and the European Union. 

Trade between Malaysia and the US reached RM250.25 billion (S$75.98 billion) in 2023, while trade with the European Union amounted to RM206.69 billion (S$62.75 billion).

Mr Mohamad Hasan added that Malaysia would continue exploring collaboration in areas such as green technology, renewable energy, and education with the US and European Union.

BRICS now represents roughly 40% of the world’s population and holds a collective gross domestic product (GDP) of USD 26.6 trillion (S$35.13 trillion), or 26.2% of the world’s GDP.

This positions BRICS as an economic force nearly equal to the Group of Seven (G7). The G7 is an informal alliance of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the European Union. /TISG