Kuala Lumpur (VNA) – Malaysia’s participation in BRICS is expected to strengthen the country’s position amid growing global economic competition and reduce dependence on traditional financial systems dominated by major powers, Malaysian Foreign Minister Mohamad Hasan said on May 22.
Mohamad said BRICS was established to ensure that countries in the Global South are not sidelined, noting that the bloc currently accounts for about 30% of global gross domestic product (GDP) and represents a significant share of the world’s population.
The bloc’s agenda is to ensure that BRICS countries are able to enhance and maximise their capabilities so that they are not left behind, especially in the post-COVID-19 period, he said.
Mohamad also stressed the need to review the global financial system as many countries continue to face heavy debt burdens, instead of relying excessively on a single financial mechanism.
The minister said Malaysia is expanding the use of local currencies in trade with neighbouring countries, including fellow ASEAN members, in an effort to reduce dependence on third-party currencies.
He added that Malaysia could play an important role in BRICS thanks to its position as an ASEAN member and an active trading nation in the international arena.
Malaysia can also leverage the principles of multilateralism shared by BRICS and ASEAN to strengthen governance and enhance investor confidence in the country./
