Malaysia could share expertise with BRICS’ Global South economies - PM
Bernama
September 5, 2024 18:51 MYT
September 5, 2024 18:51 MYT
PM Datuk Seri Anwar Ibrahim said by 2030, it is projected that three of the four largest economies will be from the Global South - Fath Rizal/Prime Minister's Office of Malaysia
VLADIVOSTOK (Russia): Joining the intergovernmental organisation BRICS would not only allow Malaysia to benefit from the Global South economies but also enable the nation to share its expertise, especially due to its position as a semiconductor hub in the region.
AI Brief
- Malaysia seeks BRICS membership to boost fair trade and prevent financial monopolies.
- The Global South, home to 85% of the world, is projected to dominate major economies by 2030.
- Anwar highlighted strong Malaysia ties with Russia, the US and China.
Prime Minister Datuk Seri Anwar Ibrahim said by joining BRICS, Malaysia will have an opportunity to leverage the Global South economies and ensure that fair trade practices are maintained, and that international financial infrastructure is not monopolised by one country or one region.
"Essentially, this will be beneficial to Malaysia, the Global South, and naturally to the whole world," he said during a question-and-answer session at the plenary session of the 9th Eastern Economic Forum (EEF) here today, alongside Russian President Vladimir Putin and Chinese Vice-President Han Zheng.
In his keynote address earlier, Anwar, citing recent estimates, said that the Global South currently accounts for roughly 40 per cent of the world's economic output.
"The Global South is home to about 85 per cent of the global population. By 2030, it is projected that three of the four largest economies will be from the Global South," he said.
The Global South broadly comprises Africa, Latin America and the Caribbean, Asia (excluding Israel), Japan, and South Korea, and Oceania (excluding Australia and New Zealand).
"Encompassing countries across Asia, Africa, and Latin America, the Global South is on a trajectoryto play a pivotal role in reshaping the future of the world economy," said Anwar.
Meanwhile, the prime minister agreed with Putin that there are vast opportunities to be explored across all sectors between the two nations, such as the energy, industrial complex, and digital technology, among others.
"We will also be sending more students to Russia," Anwar said.
Regarding trading partners, he emphasised that Malaysia has been forging strong trade relationships with the United States and building greater collaboration with China.
"Russia has also traditionally been a good country that works well diplomatically with Malaysia," noted Anwar.
Established in 2009, BRICS initially comprised Brazil, Russia, India, and China. South Africa joined in 2010, and Iran, Egypt, Ethiopia and the United Arab Emirates joined as new members in January this year.
Together, BRICS members account for a cumulative gross domestic product (GDP) of US$26.6 trillion (US$1=RM4.34), representing 26.2 per cent of the world's GDP, nearly equalling the economic strength of the Group of Seven (G7).
-- BERNAMA