KUALA LUMPUR, July 18 – Malaysia hopes to increase opportunities for economic cooperation through the BRICS intergovernmental organisation as an alternative to reducing reliance on traditional markets, said the Ministry of Investment, Trade and Industry (MITI).
BRICS comprises Brazil, Russia, India, China, South Africa, and its four newest members, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
MITI said traditional markets such as the United States of America (US) and Europe have been increasingly active in introducing new unilateral trade policies and rules challenging for developing countries such as Malaysia to comply with.
The ministry said that the government is aware that depending on traditional markets presents risks to developing economies in the long term.
Therefore, it said that to realise its aspiration of developing a sustainable economy, Malaysia needs to strengthen economic cooperation with current trade partners, penetrate new high-impact markets, and establish economic cooperation with non-traditional trading partners.
“However, the government will always ensure its neutral and non-aligned policy with any economic power is not jeopardised, and good investment and trade relations with traditional trade partners such as the US, European Union, and the United Kingdom will be continued,” it said in a reply posted on the Parliament’s website.
“With a cumulative population of 3.54 billion and a vast reserve of raw materials, as well as an economy totalling US$26.6 trillion (RM1 = US$4.67) or 26.2 per cent of global gross domestic product (GDP), the BRICS economic block is a new mega-market that needs to be penetrated to develop and improve Malaysia’s economy,” MITI added.
