KUALA LUMPUR: Malaysia could leverage its membership in the BRICS coalition of emerging economies to extend the influence of the Association of Southeast Asian Nations (ASEAN) when it takes over the regional bloc’s chairmanship next year, according to economists.
Amid increasing geopolitical tensions, particularly between China and the United States, Malaysia is actively pursuing BRICS membership to navigate these uncertainties.
Analysts indicate that Malaysian Prime Minister Anwar Ibrahim seeks to use various international platforms to advocate for ASEAN and other developing nations, addressing economic disparities.
Prime Minister Anwar has emphasized Malaysia’s intention to join BRICS, asserting the need for the country to define its strategic interests independently.
“We should be confident enough to determine our course of action, our priorities, our strategic interests defined on our own terms,” Anwar stated at a maritime conference in Kuala Lumpur last month, emphasizing Malaysia's potential as a critical trade link between East and West.
BRICS, founded in 2009, initially included Brazil, Russia, India, and China, with South Africa joining later. The group has recently expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates.
Analysts note that Anwar’s push towards BRICS membership is driven by the economic prospects of its members, who collectively represent over 40% of the global population, contribute a third of the global economy, and account for a fifth of global trade.
“This could become a very formidable bloc,” remarked Danial Abdul Rahman, CEO of the Malaysian think tank Asian Strategy and Leadership Incorporated (ASLI). He highlighted the group’s projected GDP growth of around 3.6%, outpacing the global average of 3.2% to 3.3%, with powerhouses like India and China leading the way.
Danial also pointed out that some BRICS members control key global commodities, such as crude oil, gas, nickel, and gold, enhancing the bloc’s economic significance.
However, economists debate the tangible economic benefits for Malaysia in joining BRICS. “If there are no trade facilitation measures, I don't foresee any significant economic gains,” said Dr. Muhammed Abdul Khalid, a fellow at the National University of Malaysia’s Institute of Malaysian and International Studies.
Nonetheless, Dr. Muhammed acknowledged the strategic security advantage, noting, “With two BRICS members holding veto power in the UN Security Council, Malaysia would gain a seat in a powerful bloc to promote its interests.”
Given that Malaysia's total exports and imports exceed 140% of its economy, it must navigate the China-US rivalry carefully, as both nations are major trading partners and investors.
Prime Minister Anwar has stressed Malaysia’s commitment to maintaining its independence and neutrality, ensuring continued business relations with global superpowers.
In parallel, Anwar has been strengthening Malaysia’s international relationships. In June, he welcomed Chinese Premier Li Qiang to celebrate 50 years of diplomatic ties, met with the American ambassador to Malaysia Edgard D. Kagan, and engaged with technology leaders from the US and Europe. In July, he met with Russian Foreign Minister Sergei Lavrov to formally submit Malaysia’s application to join BRICS.
Dr. Tricia Yeoh, CEO of the Institute for Democracy and Economic Affairs (IDEAS), observed, “While Malaysia signals its interest in BRICS, it maintains strong trading and investment ties with other major global power blocs, including the United States and the European Union. Malaysia has always been pragmatic in safeguarding its geopolitical interests, ensuring robust relationships with all global superpowers.”
