‘BRICS will allow Malaysia to tap into new markets’
29 Jul 2024
Malaysia’s membership of BRICS will allow the country to tap into new markets, increase trade and investment opportunities and enhance its global standing, said experts.
Universiti Teknologi Mara’s SME Development and Entrepreneurship Academy coordinator Mohamad Idham Md Razak said Malaysia would also benefit from access to resources, knowledge sharing and collaboration in the bloc.
“The collaboration can help Malaysia reduce its reliance on traditional markets and mitigate the impact of global economic downturns,” he told the New Straits Times.
This in turn could contribute to economic stability, he said when commenting on Malaysia’s application to join BRICS.
Yesterday, Prime Minister Datuk Seri Anwar Ibrahim said Malaysia had applied to join BRICS.
Anwar said the country’s potential membership in BRICS held “substantial promise” and underscored Malaysia’s commitment to fostering robust international collaboration.
Idham added that Malaysia’s alignment with BRICS members presented a promising avenue for expanded trade and economic cooperation.
“The bloc’s collective economic might and diverse resource base offer substantial opportunities for Malaysian businesses.
“Sectors — such as palm oil, rubber, and electronics, where Malaysia holds a competitive advantage — could benefit significantly from increased market access to BRICS nations.”
BRICS comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
It is considered the foremost geopolitical rival of the G7
bloc, with member countries accounting for around 45 per cent of the world’s population and 28 per cent of the global gross domestic product.
Idham said the growing middle class in countries like China and India presented a lucrative market for Malaysian consumer goods and services.
He said that to capitalise
on these opportunities fully, Malaysia should focus on boosting its trade infrastructure, reducing bureaucratic hurdles, and promoting digital trade platforms.
Putra Business School economic analyst Dr Ida Md Yasin said Malaysia could expect indirect economic growth from countries with which it had yet to sign trade investment deals.
“This is an opportunity for us to align with them.
“Indonesia and Thailand have also expressed their intentions to join BRICS, so more and more countries are becoming involved.”
Nusantara Academy for Strategic Research senior fellow Dr Azmi Hassan said BRICS would allow Malaysia to amplify its voice on the global stage.
“By joining this bloc, Malaysia aims to participate more actively in global decision-making processes, ensuring that the perspectives and policies of smaller nations are considered alongside those of more powerful Western countries.
“This move aligns with Malaysia’s strategy of seeking diverse platforms to voice its opinions and influence international policies.”
Source: NST
