The global order is increasingly multipolar, with significant shifts in geopolitical and economic dynamics expected to further reshape the landscape. In this context, it is essential for countries to diversify their socioeconomic approaches to mitigate risks arising from these evolving global dynamics. Malaysia, has recognized this need and is actively exploring new avenues to bolster trade, innovation, and economic strategies. Joining BRICS as a partner country in late 2024 exemplifies this spirit.

BRICS comprising core countries such as Brazil, Russia, India, China, and South Africa, has expanded its membership in recent years, creating a broader platform that promotes global cooperation. This addition enhances the intricate web of interconnected organizations that facilitate collaboration among nations.

Despite the common perception of BRICS being an anti-West or anti-US alliance, the Institute of Strategic Analysis and Policy Research (INSAP) believes this is a misconception. We believe that BRICS serves as a supplementary mechanism, not an alternative. Consequently, we believe Malaysia’s participation in BRICS is unlikely to alter its foreign policy and trade approach, which remain rooted in non-alignment and balanced diplomacy. Traditional Western partners is and will still continue to be important partners for us.

BRICS, representing 30% of global GDP and 44% of the global population, offers Malaysia a gateway to engage with fast-growing economies, thereby boosting trade and investment opportunities. These avenues align with Malaysia’s export-driven economic strategy. Furthermore, as Malaysia looks to strengthen its position in renewable energy and digital transformation, BRICS provides avenues for collaboration in technology and innovation. Such partnerships complement Malaysia’s aspirations to lead Southeast Asia’s green and digital economies.

However, while BRICS presents immense potential and socioeconomic opportunities for Malaysia - challenges persist. Geopolitical complexities and differing global perspectives could pose hurdles. Additionally, limited engagement from the private sector warrants attention to maximize the partnership’s benefits.

Nevertheless, these challenges are surmountable and do not diminish the vast opportunities for collaboration. The governance models of Malaysia and ASEAN, which emphasize non-alignment, balanced diplomacy, and equality in decision-making, align closely with BRICS’ principles. This synergy will definitely play a role in reinforcing compatibility between the two frameworks.

By focusing on mutual interests and adopting pragmatic approaches, Malaysia can seamlessly integrate BRICS into its economic framework, complementing the existing network of partnerships. Building on this spirit, Malaysia’s role as the 2025 ASEAN Chair presents an opportunity to position itself as an ASEAN success model for balanced global engagement and regional leadership.

Datuk Dr Pamela Yong
Chairman
Institute of Strategic Analysis and Policy Research (INSAP)

9 January 2025

-MCA Comm-