PROMOTING MALAYSIA’S INTERESTS
Mr Anwar has been highlighting Malaysia’s planned move to join BRICS.
“We should be confident enough to determine our course of action, our priorities, our strategic interests defined on our own terms,” he said at a maritime conference in Kuala Lumpur last month, adding the nation could act as a key trade hub between the East and the West.
BRICS, established in 2009, initially included Brazil, Russia, India, and China, while South Africa joined a year later. It has since expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates.
Analysts said Mr Anwar’s decision to join the bloc is understandable, considering the economic potential of BRICS members.
Collectively, the bloc is home to more than 40 per cent of the world’s population, contributes a third of the global economy and accounts for a fifth of all trade.
“It could become a very formidable bloc,” said Mr Danial Abdul Rahman, CEO of Malaysian think tank Asian Strategy and Leadership Incorporated (ASLI).
“Global GDP (gross domestic product) growth is forecasted at about 3.2 to 3.3 per cent. BRICS countries are closer to about 3.6 per cent… with countries like India and China a bit further up the curve.”
Some of the BRICS members control essential commodities and resources around the world, added Mr Danial. “So we’re looking at crude oil and gas, we’re looking at nickel and gold.”
While joining BRICS makes sense, how much Malaysia will benefit economically is still debatable, argued economists.
“If there are no trade facilitations, I don’t foresee any tangible benefit economically,” said Dr Muhammed Abdul Khalid, fellow at the National University of Malaysia’s Institute of Malaysian and International Studies.
“But at the same time, in terms of security, two (members of BRICS) are in the (UN) Security Council, which have veto power. We (would) have a seat in a powerful bloc to promote our interests.”
