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Promote the interests of Malaysia
Mr Anwar has always stressed Malaysia plans to join BRICS.
“We should be confident enough to determine our course of action, priorities and strategic interests in our own way,” he told a maritime conference in Kuala Lumpur last month, adding that Malaysia could become an important trade hub between the East and the West.
BRICS was founded in 2009 and initially included Brazil, Russia, India and China, with South Africa joining a year later. It has since expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates.
Analysts said Anwar’s decision to join the BRICS alliance was understandable given the bloc’s economic potential.
Overall, the EU accounts for more than 40% of the world’s total population, one-third of the world’s economic output, and one-fifth of the world’s trade.
“It could become a very powerful group,” said Daniel Abdul Rahman, chief executive of Malaysian think tank Asia Strategy and Leadership Inc (ASLI).
“Global GDP (gross domestic product) growth is expected to be around 3.2% to 3.3%. The BRICS countries are more like 3.6%… and countries like India and China are growing a little bit higher.”
Mr. Daniel added that some of the BRICS countries control important commodities and resources around the world. “So we’re looking at crude oil and gas, we’re looking at nickel and gold.”
Economists believe that while joining the BRICS makes sense, how much Malaysia can benefit from it remains controversial.
“I don’t foresee any real economic benefits without trade facilitation,” said Dr Mohammad Abdul Khalid, a research fellow at the Institute of Malaysian and International Studies at the National University of Malaysia.
“But at the same time, in terms of security, two of the BRICS countries have veto power in the UN Security Council. We (will) have a seat in a strong grouping to promote our interests.”
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