PM calls BRICS important tool to reduce dependence on dollar

"The issue of using local currencies, which we have done in the past with China, with Indonesia, to an extent with Thailand, we are talking to India. We are still quite dependent on the dollar, but at least to reduce the impact, we need to do that. And BRICS is of course another vehicle to do that," Anwar said on the sidelines of the Eastern Economic Forum (EEF).

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.

BRICS, he added, is important for strengthening cooperation among the countries of the Global South and containing the onslaught of rich industrial states.

"Well, we are very appreciative of the fact that [Russian] President [Vladimir] Putin officially invited me to attend the BRICS meeting in Kazan next month.

"Our policy is of course to strengthen the global south. BRICS is a very important vehicle to strengthen that sort of collaboration among countries in the global south. Not necessarily in antagonism, but at least to contain the onslaught of other richer industrialised countries and to be able to at least withstand the pressure and together build up the force."

Anwar emphasised that the Global South must organise itself and become stronger to resist the pressure.

"We also have to then organise ourselves to be more strong, to be able to contain the pressures not within our control. So that is, to me, the wisdom."

The Eastern Economic Forum began on Tuesday and will run through Friday. It is being hosted by the Far Eastern Federal University in Russia's Pacific coast city of Vladivostok. Sputnik is the general information partner of the EEF 2024.

--BERNAMA-SPUTNIK