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Malaysia is set to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim announced in a recent interview with Chinese media outlet Guancha. This move highlights Malaysia’s efforts to align with a coalition aimed at reshaping the global economic landscape traditionally dominated by Western powers.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, has expanded its membership to include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. With over 40 countries expressing interest, BRICS is positioning itself as a significant player in global economic affairs.

“We have made a decision, we will be placing the formal procedures soon… we are just waiting for the final results from the government in South Africa,” Anwar stated in the interview. An official from his office confirmed his remarks to Reuters on Tuesday, though specific details about the application process were not provided.

Anwar’s announcement coincides with the upcoming visit of Chinese Premier Li Qiang to Malaysia, celebrating the 50th anniversary of diplomatic relations between the two countries. This visit is expected to strengthen economic ties, with several agreements anticipated, including the renewal of a five-year trade and economic cooperation pact.

Joining BRICS presents Malaysia with opportunities to diversify its economic partnerships and leverage the collective strength of emerging economies. Analysts believe Malaysia’s entry into BRICS could boost its trade dynamics, attract foreign investments, and open new avenues for development.

As Malaysia prepares to join BRICS, the nation looks forward to enhanced economic growth and a stronger geopolitical standing. This move reflects Malaysia’s strategic foresight and commitment to fostering a more inclusive global economy, marking a significant milestone in the nation’s economic strategy.

By: Montel Kamau

Serrari Financial Analyst

18th June, 2024

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