In an exciting turn of events, Malaysia is set to join BRICS (if successful), the inter-governmental organization that has been making waves in the global economic and political landscape.
For those unfamiliar with BRICS, let's take a closer look at what this means for Malaysia and the world. 👀
A Brief Background of BRICS
BRICS originally started as BRIC (without 'S'), a term coined in 2001 by economist Jim O'Neill to describe the emerging economies of Brazil, Russia, India, and China. These countries were seen as the next big players in the global economy due to their rapid growth and significant influence.
It was the Russian side that initiated the creation of BRIC.
On 20 September 2006, the first BRIC Ministerial Meeting was held at the proposal of Russian President Vladimir Putin on the margins of a UN General Assembly Session in New York.
In 2010, South Africa joined the group, turning BRIC into BRICS. The organization aims to promote peace, security, and economic development, offering a counterbalance to the Western-dominated global order.
The Members of BRICS
Currently, BRICS comprises countries listed below:
- Brazil
- Russia
- India
- China
- South Africa (joined in 2010)
- Iran (joined in 2024)
- Egypt (joined in 2024)
- Ethiopia (joined in 2024)
- United Arab Emirates (joined in 2024)
- _______ (Malaysia is the next one?)
These nations collectively represent about 42% of the world’s population, approximately 24% of the global GDP, and around 16% of international trade. They have been working together to reform financial institutions, enhance mutual cooperation, and promote sustainable development.
Benefits of BRICS Membership
For Malaysia 🙋, joining BRICS presents numerous potential benefits:
- Economic GrowthMalaysia can leverage the economic might of BRICS nations to boost trade, attract investments, and expand its economic footprint.
- Political InfluenceBeing part of BRICS can enhance Malaysia’s influence on the global stage, providing a platform to voice its interests in international forums.
- Development OpportunitiesAccess to BRICS' resources and expertise can support Malaysia’s infrastructure projects, technological advancements, and social development programs.
- Diversified PartnershipsWith this new cooperation, Malaysia can diversify its economic partnerships, reducing dependence on traditional Western markets.
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“As Malaysia steps forward to join BRICS, we are particularly excited about leveraging our position as a semiconductor hub and active player in the global market" ~ National Chamber of Commerce and Industry of Malaysia (NCCIM) president, Datuk Seri N Gobalakrishnan
"The issue of using local currencies, which we have done in the past with China, with Indonesia, and to an extent with Thailand...we are [also] talking to India. We are still quite dependent on the dollar, but at least to reduce the impact, we need to do that. And BRICS is of course another vehicle to do that," PM Anwar said on the sidelines of the Eastern Economic Forum (EEF).
The Future of BRICS
The future of BRICS looks promising as the organization continues to evolve. The group is exploring new areas of collaboration, including green energy, digital economy, and sustainable development.
Additionally, there is a growing interest from other emerging economies to join BRICS, which could further strengthen the organization’s global influence.
For Malaysia, becoming a BRICS member is a strategic move that aligns with its aspirations for economic growth, sustainable development, and enhanced global standing.
As BRICS expands and adapts to the changing global landscape, Malaysia's participation could lead to significant opportunities and a brighter future for the nation and its people.
Stay tuned as we witness how Malaysia's journey with BRICS unfolds and shapes the country's path forward in the global arena.
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