Brother Hua meets with the President of the BRICS countries, Putin.
If Malaysia joins the BRICS countries, it may bring several potential benefits, especially in economic and geopolitical aspects. Coupled with Malaysia's upcoming chairmanship of ASEAN next year, this timing is crucial and may produce dual advantages. Here are a few potential benefits and impacts:
1. Enhancing economic cooperation with emerging markets
Joining the BRICS countries will help Malaysia deepen its economic and trade ties with other emerging markets such as China, India, Russia, Brazil, and South Africa. This will not only contribute to increased exports to these countries but also attract investment from them, especially in areas like manufacturing, infrastructure, digitalization, and energy. After joining the BRICS countries, Malaysia may be involved in more international economic cooperation projects, such as more opportunities for collaboration in the Belt and Road Initiative.
2. Elevating international status and influence
As the potential member of both ASEAN and the BRICS countries, Malaysia can exert more significant influence in both ASEAN and the global emerging markets. The issues promoted by BRICS member countries, including trade multilateralism, de-dollarization, and South-South cooperation, can enable Malaysia to have more voice and leadership in international affairs. This is highly beneficial for advancing Malaysia's foreign policy and national interests.
3. Promote a diversified foreign policy.
Joining the BRICS countries will make Malaysia's foreign policy more diversified, no longer overly reliant on traditional Western countries. Close cooperation with Russia, India, and other countries will provide more strategic choices, especially against the backdrop of a constantly changing global situation. By strengthening ties with the BRICS countries, Malaysia is expected to be able to address international sanctions and global market fluctuations through these partnerships.
4. Financial cooperation and the emerging currency system.
Currently, the BRICS countries are exploring the establishment of a new international currency system to reduce dependence on the US dollar. If Malaysia becomes a member of the BRICS, it may benefit from this financial innovation, not only reducing the risk of foreign exchange volatility in international trade but also lowering costs and strengthening financial sovereignty by using its own currency for settlement.
5. Infrastructure and development cooperation.
The BRICS countries have multiple financial tools and institutions dedicated to supporting developing countries, such as the New Development Bank (NDB). Malaysia can access more financing opportunities through these institutions for domestic infrastructure construction, energy transformation, and other national development projects, which aligns with Malaysia's National Energy Transition Roadmap (NETR) and various major infrastructure projects such as the high-speed rail and the Malaysia Vision Valley.
6. The bridge role between ASEAN and the BRICS countries.
As the rotating chair of ASEAN in 2024, Malaysia can play a bridging role in promoting cooperation between ASEAN and the BRICS countries. This will not only enhance Malaysia's influence within ASEAN but also promote more interaction and cooperation between ASEAN countries and the BRICS countries in the fields of economy, energy, technology, and other areas.
7. Leveraging the technology and innovation of BRICS countries.
Many BRICS countries have competitive advantages in technology and innovation, such as China's leading position in digital economy and 5G technology, and India's strength in IT services and technological innovation. Malaysia can strengthen its technological cooperation with these countries by joining BRICS, promoting domestic technological development, especially in frontier areas such as data centers and green energy.
Meeting between Malaysia and BRICS' chair country Russia.
Recently, the meeting between Malaysia and BRICS' chair country Russia is paving the way for cooperation between Malaysia and BRICS countries. This meeting not only demonstrates Malaysia's emphasis on multilateral cooperation but also may lay the foundation for future cooperation agreements, trade agreements, etc. It also provides more opportunities for Malaysia's strategic layout in the global emerging markets.
Summary
Joining BRICS can bring economic, diplomatic, financial, technological, and many other benefits to Malaysia. As the rotating chair of ASEAN in 2024, Malaysia will have more say and influence, further strengthening cooperation with emerging markets. Through close interaction with BRICS countries, Malaysia can seize more development opportunities in the context of global multipolarity and the rise of emerging economies.
1. Enhancing economic cooperation with emerging markets
Joining the BRICS countries will help Malaysia deepen its economic and trade ties with other emerging markets such as China, India, Russia, Brazil, and South Africa. This will not only contribute to increased exports to these countries but also attract investment from them, especially in areas like manufacturing, infrastructure, digitalization, and energy. After joining the BRICS countries, Malaysia may be involved in more international economic cooperation projects, such as more opportunities for collaboration in the Belt and Road Initiative.
2. Elevating international status and influence
As the potential member of both ASEAN and the BRICS countries, Malaysia can exert more significant influence in both ASEAN and the global emerging markets. The issues promoted by BRICS member countries, including trade multilateralism, de-dollarization, and South-South cooperation, can enable Malaysia to have more voice and leadership in international affairs. This is highly beneficial for advancing Malaysia's foreign policy and national interests.
3. Promote a diversified foreign policy.
Joining the BRICS countries will make Malaysia's foreign policy more diversified, no longer overly reliant on traditional Western countries. Close cooperation with Russia, India, and other countries will provide more strategic choices, especially against the backdrop of a constantly changing global situation. By strengthening ties with the BRICS countries, Malaysia is expected to be able to address international sanctions and global market fluctuations through these partnerships.
4. Financial cooperation and the emerging currency system.
Currently, the BRICS countries are exploring the establishment of a new international currency system to reduce dependence on the US dollar. If Malaysia becomes a member of the BRICS, it may benefit from this financial innovation, not only reducing the risk of foreign exchange volatility in international trade but also lowering costs and strengthening financial sovereignty by using its own currency for settlement.
5. Infrastructure and development cooperation.
The BRICS countries have multiple financial tools and institutions dedicated to supporting developing countries, such as the New Development Bank (NDB). Malaysia can access more financing opportunities through these institutions for domestic infrastructure construction, energy transformation, and other national development projects, which aligns with Malaysia's National Energy Transition Roadmap (NETR) and various major infrastructure projects such as the high-speed rail and the Malaysia Vision Valley.
6. The bridge role between ASEAN and the BRICS countries.
As the rotating chair of ASEAN in 2024, Malaysia can play a bridging role in promoting cooperation between ASEAN and the BRICS countries. This will not only enhance Malaysia's influence within ASEAN but also promote more interaction and cooperation between ASEAN countries and the BRICS countries in the fields of economy, energy, technology, and other areas.
7. Leveraging the technology and innovation of BRICS countries.
Many BRICS countries have competitive advantages in technology and innovation, such as China's leading position in digital economy and 5G technology, and India's strength in IT services and technological innovation. Malaysia can strengthen its technological cooperation with these countries by joining BRICS, promoting domestic technological development, especially in frontier areas such as data centers and green energy.
Meeting between Malaysia and BRICS' chair country Russia.
Recently, the meeting between Malaysia and BRICS' chair country Russia is paving the way for cooperation between Malaysia and BRICS countries. This meeting not only demonstrates Malaysia's emphasis on multilateral cooperation but also may lay the foundation for future cooperation agreements, trade agreements, etc. It also provides more opportunities for Malaysia's strategic layout in the global emerging markets.
Summary
Joining BRICS can bring economic, diplomatic, financial, technological, and many other benefits to Malaysia. As the rotating chair of ASEAN in 2024, Malaysia will have more say and influence, further strengthening cooperation with emerging markets. Through close interaction with BRICS countries, Malaysia can seize more development opportunities in the context of global multipolarity and the rise of emerging economies.
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