Malaysia Prepares to Join BRICS Economic Bloc, Says Prime Minister Anwar Ibrahim
Malaysia is preparing to join the BRICS economic bloc, according to Prime Minister Anwar Ibrahim. The original BRICS group consisted of Brazil, Russia, India, China, and South Africa, which formed the acronym. Last year, the group began expanding its composition to challenge the Western-dominated world order. Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates have since joined, with over 40 countries expressing interest.
Following this decision, formal procedures will be put in place. This comes ahead of a three-day visit by Chinese Prime Minister Li Qiang this week, as part of celebrations marking the 50th anniversary of diplomatic relations between Malaysia and China. The two countries will also sign several agreements during the visit, including the renewal of a five-year commercial and economic cooperation agreement.
Kuala Lumpur's potential membership in the organization holds strategic importance, as one of the world's most important shipping lanes, the Strait of Malacca, connecting the Pacific and Indian Oceans, lies between Malaysia and the Indonesian island of Sumatra.
The BRICS are becoming the G7 of emerging economies, promoting multipolarity and multilateralism. The most significant aspect is not the expansion of BRICS, but the growing influence of the group's decisions on the global economy and its increasing presence on the international financial scene. The BRICS bank has already financed nearly 100 infrastructure projects worth a total of $33 billion since 2015.