Malaysia’s recent designation as a BRICS partner is expected to significantly bolster its economic growth and expand export opportunities, according to Tengku Datuk Seri Zafrul Abdul Aziz, the Minister of Investment, Trade and Industry. He noted that this status positions Malaysia to enhance its role in the global supply chain, particularly within critical sectors like semiconductors and other strategic industries.
Tengku Zafrul expressed confidence in Malaysia’s leadership and the trust that BRICS members have placed in the nation. He highlighted that BRICS countries collectively represent about 26% of the global gross domestic product (GDP), positioning them as a formidable economic force, comparable to that of the G7 nations. This statement was made during a Q&A session in the Dewan Rakyat, responding to a question from Datuk Seri Amirudin Shari (PH-Gombak) about the implications of Malaysia’s inclusion in BRICS.
The Minister reiterated Malaysia’s commitment to a non-aligned approach in international trade, emphasizing the country’s policy of not taking sides in major economic conflicts. He stated, “Malaysia has always adhered to the policy of non-alignment with any major economic power in handling international issues,” specifically mentioning the ongoing trade disputes involving the United States, China, and Russia.
To navigate the complexities of global trade disputes, Tengku Zafrul affirmed that the Malaysian government will continue to prioritize diplomatic relations and maintain trade ties with all nations. He emphasized that Malaysia, as an open trading nation, believes in an open-economy approach and seeks to foster a friendly and conducive environment for trade and investment.
The Minister’s remarks reflect Malaysia’s intention to enhance its diplomatic engagements and maintain positive trade relations with traditional partners like the US and China, as well as non-traditional trading partners, ensuring a pragmatic and inclusive approach to international trade.
