Malaysian Prime Minister Anwar Ibrahim has announced that Malaysia has submitted an application for membership to BRICS, currently chaired by Russia. On July 28, 2024, Prime Minister Anwar Ibrahim met with Russian Foreign Minister Sergey Lavrov, who was visiting him at the time. During the meeting, Malaysia’s application to join BRICS was discussed, and it was noted that this application holds significant potential for both parties. Lavrov stated that as the current BRICS chair, Russia would assist Malaysia in its membership process.[i]
The growing middle class in countries such as China and India presents a profitable market for Malaysian consumer goods and services. To fully capitalize on these opportunities, Malaysia is focusing on strengthening its trade infrastructure, reducing bureaucratic barriers, and promoting digital trade platforms. By becoming a member of BRICS, Malaysia aims to further integrate into global supply chains. Additionally, by joining the bloc, it seeks to play a more active role in global decision-making processes. This step aligns with Malaysia’s strategy of seeking different platforms to voice its views and influence international policies.[ii] During the meeting, which lasted about an hour, Anwar and Lavrov also discussed strengthening bilateral relations and expanding cooperation in various sectors, including trade, investment, security, defense, higher education, science and technology, tourism, and culture.[iii]
Malaysia views BRICS membership as aligned with the evolving multipolar global system in response to the commercial discrimination of the Western bloc. Many Global South countries, like Malaysia, see BRICS as a resort to create a balance against the West. In this regard, Hoo Chiew Ping, a Senior Researcher at the East Asian International Relations Group, stated that Malaysia sees BRICS as an opportunity to participate in the emerging multilateralism. Ping noted that joining BRICS would support a multipolar world order rather than being drawn into a new Cold War centered on US-China competition.[iv]
Similarly to Malaysia, Thailand has also shown interest in BRICS membership. In this regard, the Thai Ministry of Foreign Affairs stated that, through this membership, Thailand aims “to play a greater role on the global stage, promote cooperation potential with developed and developing countries, and guide the development of the global community in line with the principles of justice and equality.” The ministry added that being a BRICS member does not mean that Thailand is taking sides.[v]
In this context, the desires of Thailand and Malaysia to join BRICS indicate the continuing strengthening of the Global South. Should these countries join the bloc, they will gain more influence on the international stage and reap economic benefits. For instance, Malaysia supports some of the core interests advocated by BRICS, such as promoting “de-dollarization.”
For the past 15 years, China has been Malaysia’s largest trading partner, and this is unlikely to change in the foreseeable future. Malaysia is also part of China’s Belt and Road Initiative project and the Regional Comprehensive Economic Partnership (RCEP) agreement. Therefore, BRICS membership aligns with Malaysia’s foreign policy orientation.[vi]
BRICS, which aims to establish trade and economic cooperation among member countries, initially consisted of Brazil, Russia, India, China, and South Africa. It has since expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates. BRICS, considered the foremost geopolitical rival of the G7, comprises approximately 45% of the world’s population and 28% of the Global Gross Domestic Product (GDP). Economically and politically, BRICS can be seen as an alternative to Western powers’ hegemony.
BRICS countries are working on implementing a single currency and unified payment systems. During the BRICS Summit in South Africa in August 2023, many members supported the initiative to establish a single common currency.[vii] Considering the dominance of the dollar in the economy, it is evident that currency plays a significant role in the formation of a multipolar economic and political power. The potential economic strength of BRICS countries as rivals in the global market brings the issue of adopting a common currency to the forefront.
BRICS, which serves as a good alternative to the Western Bloc, has played a critical role in transitioning to a multipolar world system by expanding towards the Global South, thereby increasing its economic and political weight. The expansion of BRICS not only exemplifies alternative approaches worldwide but also enhances its influence on the international stage. The question of whether there will be a currency belonging to the organization has arisen with the commencement of the expansion process. However, it cannot be said that member countries with different economic structures have reached a consensus on using a common currency. BRICS can be seen as challenging the economic system established under the leadership of the United States.
In conclusion, Malaysia’s aim to join BRICS reflects the growing interest of Southeast Asian countries in multipolarity. It is worth noting that Thailand is following a similar path. Due to its centralist policies and risk-averse strategies, BRICS aligns well with the interests of Southeast Asian countries. In the near future, we may also see Indonesia and Bangladesh actively participating in the BRICS membership process.
[i] “Malaysia Sends Application to Russia to Join BRICS-PM”, TASS, https://tass.com/world/1822439, (Date of Access: 30.07.2024).
[ii] “BRICS Will Allow Malaysia to Tap into New Markets”, New Straits Times, https://www.nst.com.my/news/nation/2024/07/1083100/brics-will-allow-malaysia-tap-new-markets, (Date of Access: 30.07.2024).
[iii] “Malaysia Has Applied to Join BRICS-Anwar”, BERNAMA.com, https://www.bernama.com/en/news.php?id=2322706#:~:text=%22Malaysia%20has%20sent%20a%20letter,Luiz%20Inacio%20Lula%20da%20Silva, (Date of Access: 30.07.2024).
[iv] “Malaysia and Thailand Keen on to Join BRICS: 5 Things to Know”, Nikkei Asia, https://asia.nikkei.com/Newsletters/One-time/Special-edition/Malaysia-and-Thailand-keen-to-join-BRICS, (Date of Access: 01.08.2024).
[v] Ibid.
[vi] “How will Joinin BRICS Benefit Malaysia?”, CNA news, https://www.channelnewsasia.com/commentary/malaysia-join-brics-gaza-china-economy-trade-4434311, (Date of Access: 31.07.2024).
[vii] “BRICS Continues Work on Single Currency and Payment System”, REPORT, https://report.az/ru/drugie-strany/briks-prodolzhaet-rabotu-nad-edinoj-valyutoj-i-platezhnoj-sistemoj/, (Date of Access: 31.07.2024).
