3 Positive Effects of Malaysia Joining BRICS

JAKARTA – Malaysia is preparing to dock BRICS to join together with other developing countries such as Russia, China, India, Brazil and South Africa. So what positive effects can Malaysia get if it joins a camp that is often seen as a rival to Western economies.

It is believed that being part of BRICS will diversify Malaysia’s strategic relations, as well as make the voice of representatives from Southeast Asia heard on the global stage.

Chairman of the Malaysian Institute of Strategic and International Studies (ISIS), Professor Datuk Dr. Mohd Faiz Abdullah said, whether it concerns trade promotion, development funding through the New Development Bank (NDB), or even new currency arrangements, it is very important for Malaysia to be at the same table as BRICS.

3 Positive Effects of Malaysia Joining BRICS

1. Economic Effects

Discussing further about Malaysia’s intention to join BRICS – an acronym for Brazil, Russia, India, China and South Africa -, Mohd Faiz explained, it cannot be interpreted as a shift from long-standing traditional relations, including with Western countries.

He said the Global South is a strategic reality that cannot be ignored, and such a move is not a zero-sum game. “Prime Minister Datuk Seri Anwar Ibrahim has emphasized on various occasions that, in the best traditions of our diplomacy, Malaysia will seek to exploit the complementarity between our various ties,” he said.

According to Mohd Faiz, joining BRICS is a natural fit for Malaysia’s efforts to move the needle on the Global South agenda.

“Building our relationships with these key countries will make our economy more resilient,” he said as reported by the New Straits Times.

2. Global Influence Effects

Malaysian Foreign Minister, Datuk Seri Mohamad Hasan said, Malaysia is currently analyzing, monitoring and assessing the feasibility of becoming a member of BRICS, if it brings great benefits to the country.

He explained that there were three main factors underlying Malaysia’s plan to join BRICS, namely the interests and benefits that would be gained, global participation, especially in providing a platform to voice its aspirations on international issues between countries.

“By joining this bloc, Malaysia can effectively voice any issue on the international stage because such a collective voice is more impactful than acting individually,” he said.

“This is not about just talking about being a member of BRICS, but rather about the benefits, given that several member countries have left the bloc after feeling it no longer served a meaningful purpose,” he said.

3. Trading and Investment Securities

Experts say potential benefits for Malaysia would include greater influence in terms of international relations, trade, investment and overall economic growth.