00:00Prime Minister Anwar Ibrahim's announcement last month that Malaysia is seeking to join
00:07the BRICS economic bloc has sparked much discussion about its potential impact on the country.
00:14BRICS is an international organisation comprising Brazil, Russia, India, China and South Africa,
00:21with recent additions Iran, Egypt, Ethiopia and the UAE.
00:27The combined economic strength of these countries positions BRICS to significantly reduce dependency
00:32on the dollar and promote a more multi-polar currency system in global trade.
00:38Security and strategy analyst Collins Chong of University Malaya says joining BRICS would
00:44enhance Malaysia's market access, allowing it to participate in a credible platform for
00:49trade, supply chains and technology collaboration among emerging non-Western powers.
00:56Bank Muamalat Malaysia Berhad's chief economist, Afzal Nizam Abdul Rashid, said BRICS membership
01:02would enhance Malaysia's currency diversification in trade settlements.
01:06However, Chong warned that joining the bloc could subject Malaysia to increased scrutiny
01:11and wariness from the West, particularly concerning the country's long-term policy alignment.
01:18Meanwhile, Afzal Nizam said Malaysia must ensure its participation in BRICS does not
01:24result in tariff and non-tariff measures imposed by G7 nations.
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