In a significant geopolitical development, Malaysia has formally expressed its interest in joining the BRICS grouping, comprising Brazil, Russia, India, China, and South Africa. This move is driven by Malaysia's desire to diversify its economic ties and reduce its reliance on Western economies. With Russia's support, Malaysia's bid to join BRICS has the potential to strengthen international collaboration and influence in the Global South.
Prime Minister Anwar Ibrahim confirmed that Malaysia has sent a formal application letter to Russia, the current BRICS chair, exploring options for either full membership or a strategic partnership. This development comes as Malaysia seeks to expand its economic horizons and minimize its dependence on Western economies.
The BRICS grouping has recently expanded to include new members such as the UAE, Iran, Egypt, and Ethiopia, with the aim of creating a multipolar world and challenging the current global economic system. Malaysia's membership would not only provide access to new financing opportunities but also offer a political platform less influenced by Western powers.
Russia's Support and Strategies for BRICS
Russia has extended its support to Malaysia's bid, with Foreign Minister Sergey Lavrov assuring Prime Minister Anwar Ibrahim of Moscow's backing during his visit to Malaysia. This support underscores Russia's commitment to fostering strong international collaboration and expanding the BRICS grouping.
Malaysia's interest in joining BRICS was first expressed ahead of China Premier Li Qiang's visit to Malaysia. As a member of BRICS, Malaysia would gain access to financing and a political platform that is not dominated by Washington. This move aligns with Malaysia's stance on international issues, including its criticism of America's role in the Israel-Palestine conflict and its support for a permanent ceasefire in the Middle East.
Economic and Geopolitical Implications
Malaysia's foreign ministry reported a 15.6% increase in bilateral trade with Russia in 2023, making Russia the country's eighth-largest trading partner among European countries. The potential membership in BRICS would further boost cooperation in investment, trade, science and technology, agriculture, defense, education, and tourism between Malaysia and Russia.
Membership in BRICS would also connect Malaysia to the BRICS' New Development Bank, which offers financing opportunities for member states. However, it is worth noting that non-members like Bangladesh and Uruguay can still access the bank's funds.
The BRICS' Contingent Reserve Arrangement, designed to provide financial support to member states, may be less relevant for Malaysia and Thailand, another country bidding to join BRICS, as they do not face short-term balance of payments pressures.
For leaders like Thai Prime Minister Srettha Thavisin, joining BRICS is not a strategy to push for internal reforms, as membership does not impose structural conditions. This is in contrast to other economic groupings, which often require member states to implement specific reforms.
Other countries, such as Indonesia and Argentina, have considered joining BRICS but ultimately decided against it. Saudi Arabia, invited to join in 2023, is hesitant due to concerns that membership might be perceived as an anti-Western move by the U.S., its security guarantor.
Conclusion
Malaysia's bid to join BRICS marks a significant shift in its economic and geopolitical strategy. With Russia's support, Malaysia's membership has the potential to strengthen international collaboration and influence in the Global South. As the BRICS grouping continues to expand, it is likely to play a increasingly important role in shaping the global economic landscape. Malaysia's move to join BRICS is a strategic step towards diversifying its economic ties and reducing its reliance on Western economies, and it will be interesting to see how this development unfolds in the coming months.