KUALA LUMPUR — BRICS provides a counterbalance to global forces that sideline smaller nations and becoming the block’s partner country will provide Malaysia new opportunities, said Economy Minister Rafizi Ramli.
“The countries of the Global South have continued to be marginalised, and remain under-represented, and the rise of protectionism cripples smaller countries from getting ahead,” he said when making Malaysia’s national statement at the BRICS Outreach/BRICS Plus Summit in Kazan, Russia, last night.
Rafizi’s speech was telecast live on his X platform.
Barriers to development finance impede the building of vital infrastructure and a growing global debt has become a chokehold to growth, he added.
For Malaysia, Rafizi said BRICS is not just a rejection of these constraints, but it is also the solution.
“As the world becomes multipolar, BRICS has become a critical counterbalance. If member countries can embrace seamless economic linkages, the potential is exponential.”
Rafizi said that by promoting greater economic integration, developing countries will have more opportunities in infrastructure investment, technology transfer and capacity building.
Malaysia has been recognised as one of 13 nations officially added to BRICS as a partner country, a bloc that collectively accounts for one-fifth of global trade.
Apart from Malaysia, the other 12 nations are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam.
The bloc represents about 40 per cent of the global population and accounts for a cumulative gross domestic product (GDP) of US$26.6 trillion (RM115.4 trillion), or 26.2 per cent of the world’s GDP, nearly matching the economic strength of the Group of Seven (G7).
Rafizi also said Malaysia’s chairmanship of Asean next year can bring synergy between the Southeast Asian regional grouping and BRICS.
Malaysia wants to showcase its regional leadership in semiconductors, energy transition and Islamic finance, he added.
“Indeed, Malaysia’s application to BRICS is centred on building economic partnerships, strengthening trade ties and expanding our growth potential.
“Whether it is Asean or BRICS, there is a commonality in our worldview. As some parts of the world turn inwards, we remain steadfast and will continue to engage openly.”
Malaysia is crafting a new position for the country to play as Asean chairman in 2025, he added.
“One that is rooted in economic diplomacy where our centrality and neutrality bridges Asean and BRICS and where we become a focal point for countries that want to push back against the global trend.” – October 25, 2024
