00:00An analyst with the Malaysian Institute of Economic Research has welcomed Malaysia's
00:07unexpected decision to join BRICS.
00:10Speaking to FMT Business, Shankaran Nambia said Malaysia's decision to join the trade
00:15bloc meant it wants to be on the side of other fast-developing economies, adding that the
00:20country's participation will set the narrative for the next 50 years.
00:24BRICS, a bloc of rising economies spearheaded by Russia and China to challenge the world
00:30order dominated by the US and its Western allies, was founded in 2009 and expanded in
00:35January 2024 when Iran, Saudi Arabia, the UAE, Egypt and Ethiopia joined as new members.
00:43Nambia agreed that Malaysia's decision to join BRICS suggests that ASEAN nations are
00:47hedging their bets to de-dollarise given that Washington has weaponised the US dollar through
00:52the increasing use of unilateral sanctions.
00:55Nambia said Prime Minister Anwar Ibrahim had stated that Malaysia should explore de-dollarisation
01:00and even supported the idea of an Asian Monetary Fund.
01:03However, Pacific Research Centre of Malaysia Principal Advisor OE Sun is not in favour
01:08of the de-dollarisation initiatives by ASEAN.
01:11He was also dismissive of Malaysia's plan to join BRICS, calling it a somewhat desperate
01:16decision.
01:17However, he said that if joining BRICS would please the larger BRICS economies and encourage
01:21them to invest more in Malaysia, then so be it.
Comments