Malaysia preparing to join BRICS economic group, media report says

KUALA LUMPUR: Malaysia is preparing to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim said in an interview with Chinese media outlet Guancha.

The BRICS group of nations originally included Brazil, Russia, India, China, and South Africa, which gave it the acronym.

The group last year began to expand its membership as it looks to challenge a world order dominated by Western economies, with Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates joining and more than 40 countries expressing interest.

"We have made a decision, we will be placing the formal procedures soon ... we are just waiting for the final results from the government in South Africa," Mr Anwar said, according to a video of the interview posted by Guancha on Sunday (Jun 16).

A representative from Mr Anwar's office on Tuesday confirmed his comments to Reuters.

During the interview, he did not provide further details on the application process.

Mr Anwar's comments came ahead of a three-day visit by Chinese Premier Li Qiang this week, as part of celebrations marking the 50th year of diplomatic relations between Malaysia and China.

Malaysia and China are expected to sign several deals during Mr Li's visit, including renewing a five-year trade and economic cooperation agreement.

Meanwhile, among Southeast Asian nations, Indonesia, Thailand, Myanmar, Laos, Cambodia have previously expressed interest in joining the trade alliance while Vietnam had said they were “closely monitoring the process of BRICS membership expansion”.

After participating in a BRICS summit in August last year, Indonesian President Joko Widodo made it clear that his administration was “reviewing and considering the country’s possibility of joining” the group, according to a government statement.

And earlier in January, Antara news agency reported that Indonesia’s Foreign Minister Retno Marsudi said that her country continues to study the possibility of joining the trade alliance and is weighing the benefits that it will derive from the membership, adding that they will not rush the process.

"Our foreign policy is always carefully considered. No decisions are just made (without careful consideration). Therefore, for now, Indonesia is still studying the benefits that can be gained from joining BRICS," she reportedly said.

Meanwhile, the Thai Cabinet last month approved a government draft letter that indicated Bangkok's intention to become a member of BRICS, South China Morning Post reported.