Malaysia eyes economic growth through BRICS collaboration says Zafrul

Malaysia eyes economic growth through BRICS collaboration says Zafrul

18 Jul 2024

Malaysia aims to enhance economic cooperation opportunities through the BRICS platform as an alternative to reducing dependence on traditional markets.

In a written reply, Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government is aware that reliance on traditional markets risks long-term economic development.

He explained that traditional markets, such as the United States and European countries, are increasingly introducing new unilateral trade policies and regulations, posing challenges for developing countries like Malaysia.

“Therefore, to achieve the aspirations of sustainable economic development, Malaysia must not only strengthen economic cooperation with existing trading partners but also penetrate new high-impact markets and establish economic partnerships with non-traditional trading partners,” he said in response to Datuk Seri Hamzah Zainudin (PN-Larut).

Hamzah had inquired about Malaysia’s stance on BRICS to reduce dependence on the United States and European markets.

Zafrul added that the government will always ensure that its neutral and non-aligned policy with any economic power remains unaffected.

“Good trade and investment relations with traditional trading partners such as the United States, the European Union, and the United Kingdom will also be maintained.”

Previously, Prime Minister Datuk Seri Anwar Ibrahim said the government had conducted a detailed study on all the implications of Malaysia joining the intergovernmental organisation BRICS.

During the Prime Minister’s Question Time in Dewan Rakyat, Anwar mentioned that Malaysia’s views differ from those of other BRICS member countries on specific issues and should not hinder the country’s participation.

This follows his announcement on June 18 that Malaysia will soon begin the process of joining BRICS.

He said Malaysia, in principle, has agreed to join BRICS and that the matter has been brought to the Foreign Ministry for further study.

BRICS comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).

Source: NST