Prime Minister Anwar Ibrahim has confirmed that Malaysia has sent a formal application letter to Russia, the current BRICS chair, expressing interest in either full membership or a strategic partnership.
Malaysia is looking to diversify its economic ties and reduce its dependence on Western economies. Anwar mentioned that the country is waiting for feedback from South Africa to move forward with the membership process.
The BRICS group recently expanded to include the countries UAE, Iran, Egypt, and Ethiopia. The plan is to create a multipolar world and challenge the current global economic system.
Russia’s support and strategies for BRICS
Russia is backing Malaysia’s bid to join BRICS. Russian Foreign Minister Sergey Lavrov assured Anwar of Moscow’s support during his visit to Malaysia. Anwar said on Facebook:
“This potential membership holds substantial promise for both nations and shows our commitment to creating strong international collaboration.”
He had first shown interest in joining BRICS ahead of China Premier Li Qiang’s visit to Malaysia. Being part of BRICS would give Malaysia access to financing and a political platform that isn’t influenced by Washington.
Anwar has criticized America’ role in the Israel-Palestine genocide and said that Malaysia and Russia both support a permanent ceasefire in the Middle East, immediate humanitarian aid, and recognizing Palestine as a full member of the UN.
Economic and geopolitical effects
Malaysia’s foreign ministry reported that Russia is Malaysia’s eighth largest trading partner among European countries, with bilateral trade increasing by 15.6% to $3.1 billion in 2023.
Anwar said they explored ways to boost cooperation in investment, trade, science and technology, agriculture, defense, education, and tourism during his meeting with Lavrov.
Joining BRICS would also connect Malaysia to the BRICS’ New Development Bank. However, non-members like Bangladesh and Uruguay can still access its funds.
The bank’s founding document ensures the original five members retain 55% of the voting power, with China providing most of the funds.
Malaysia and Thailand, another country bidding to join BRICS, don’t face short-term balance of payments pressures, making the BRICS’ Contingent Reserve Arrangement less relevant for them.
For leaders like Thai Prime Minister Srettha Thavisin, joining BRICS isn’t a strategy to push for internal reforms, as membership doesn’t impose structural conditions.
Indonesia considered joining BRICS last year but decided against it. Argentina also backed out after the new president Javier Milei took office.
Saudi Arabia, invited to join in 2023, is hesitant, aware that joining might be seen as an anti-Western move by the U.S., its security guarantor.
A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
