Malaysia applies for BRICS membership

Malaysia has announced its application to join BRICS as a “partner country,” according to Prime Minister Anwar Ibrahim on Sunday.

Citing strong relations with BRICS member countries, Anwar believed Malaysia can secure a place in the economic bloc, although the application process may take time.

‘Economic power no longer solely in hands of US’

Speaking in the Malaysian Parliament (Dewan Rakyat), Malaysian Prime Minister Anwar highlighted the potential benefits of joining BRICS, emphasizing that the move aligns with Malaysia’s foreign policies and could bolster trade, exports and economic resilience.

“The economic power is no longer solely in the hands of the United States,” Anwar stated, noting that the inclusion of Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) has expanded BRICS’ population to 3.54 billion, representing 45% of the global population.

Anwar stressed BRICS could become a global economic force, which would contribute to Malaysia’s long-term economic growth.

BRICS

BRICS was established in June 2006 at the St. Petersburg International Economic Forum by Brazil, Russia, India, and China; BRIC became BRICS with South Africa’s inclusion in 2010.

Experts highlight that BRICS, with its significant population, strong industrial base, and rich energy resources, is rapidly progressing as an alternative power center in the global order.

Recent BRICS discussions have focused on creating a new common payment platform, a new reserve currency and de-dollarization processes.

Thirty-four countries, including Egypt, Ethiopia, Iran and the UAE, have applied to join this year alone.

Türkiye’s potential BRICS membership

Türkiye’s interest in BRICS has resurfaced, with Russian President Vladimir Putin expressing satisfaction over Türkiye’s interest during a meeting with Turkish Foreign Minister Hakan Fidan at the Kremlin.

“We will support Türkiye’s desire to be part of this Union in every way possible,” Putin remarked.

Türkiye’s strong industrial base and growing economy are expected to contribute to BRICS’ economic power and trade volume.

Additionally, Türkiye’s manufacturing sector could support BRICS member countries in industrial development.

Potential BRICS membership for Türkiye’s is anticipated to expand the bloc’s market size and trade volume, fostering new opportunities for investment, trade and economic cooperation among member states.

With its expertise in infrastructure development, Türkiye could complement the BRICS in addressing their infrastructure gaps and facilitating economic connectivity across regions.

Experts also highlight that BRICS membership would offer Türkiye access to some of the world’s largest emerging markets, presenting significant opportunities for Turkish exporters.

With the expansion, BRICS is estimated to comprise approximately 40% of the global economy.