Malaysia Gains Global Platform through BRICS Partnership: A Step Towards Enhanced Market Access and Global Influence
Malaysia's recognition as one of the 13 BRICS partner countries has created new opportunities for smaller nations to participate in global economic decision-making.
Economists believe that the partnership with BRICS provides Malaysia with broader access to export markets and strengthens its position in the global economic landscape, which major developed nations have long dominated.
A Platform for Small Nations to be Heard
Citing The Straits Times, Professor Dr. Azmi Hassan, Senior Fellow at the Nusantara Academy of Strategic Research, explained that as a smaller economy, Malaysia often needs help to gain a significant voice in major economic forums such as the G7 or the World Bank.
These organizations are largely controlled by the economically advanced nations of the Global North, leaving countries in the Global South, such as Malaysia, with little influence, even though the policies crafted in these forums have a direct impact on them.
“Organizations like the G7, except for Japan, are dominated by wealthy nations that shape global policy. Critical decisions regarding global trade and economic policies often overlook the interests of smaller countries like Malaysia,” said Dr. Azmi.
He added that through BRICS, Malaysia would gain a platform to strengthen its voice in global economic decision-making processes. This is crucial, particularly to ensure that smaller nations are not just passive recipients of global policy outcomes, but also have an opportunity to influence these decisions.
In the long run, BRICS is expected to become a vehicle for Malaysia and other developing countries to advocate for more inclusive and equitable economic policies on the international stage.
BRICS Expands with 13 New Partner Nations
According to the latest update from the official @BRICSInfo account on platform X (formerly Twitter), BRICS has added 13 nations, including Malaysia, as partner countries. While their status is currently that of partners, rather than full members, this move reflects BRICS' commitment to expanding the influence and engagement of developing countries in global economic discussions.
Alongside Malaysia, the new partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
Malaysia’s commitment to joining BRICS was affirmed by Prime Minister Datuk Seri Anwar Ibrahim on June 18, 2024, during a discussion with Brazilian President Luiz Inácio Lula da Silva.
This announcement signals Malaysia's intent to broaden its economic cooperation network beyond traditional advanced economies, to maximize trade and investment benefits with other developing nations.
The Significance of BRICS in the Global Economic Order
BRICS was initially formed in 2009 with Brazil, Russia, India, and China as founding members, and it was intended as a platform for cooperation among emerging economies.
With South Africa joining in 2010, and the recent addition of countries such as Iran, Egypt, Ethiopia, and the United Arab Emirates, BRICS has expanded its geographical reach and influence.
As BRICS grows in importance as a global economic bloc, Malaysia views the alliance as a key avenue for balancing influence between developed and developing nations.
BRICS countries represent over 40% of the world’s population and contribute significantly to global GDP. This makes BRICS an essential force in shaping the direction of global economic and trade policies.
Strategic Move Towards Global Influence
Malaysia’s involvement with BRICS, even at the level of a partner nation, is seen as a strategic move that has the potential to reshape international trade dynamics.
It provides developing countries with a stronger platform to voice their interests. BRICS can become a driving force advocating for fairer trade policies, expanding market access, and fostering inclusive economic growth.
With these possibilities on the horizon, Malaysia is now in a position not only to broaden its market access but also to enhance its influence in global policymaking.
In the future, through active participation in BRICS, Malaysia may help establish a more inclusive global economic order, where smaller and developing nations play a greater role in shaping international economic and trade decisions.
