Malaysia applies to join BRICS

Malaysia has sent an application to join the BRICS trade bloc, its premier Anwar Ibrahim said this week. 

"Malaysia has sent a letter of application to join the (BRICS) organisation to Russia as the BRICS chairman, besides expressing openness to participate as a member country or strategic partner," Malaysia’s state news agency Bernama said, quoting Anwar Ibrahim, the country’s prime minister. 

The original BRICS cohort comprising Brazil, Russia, India and China was established in 2009, with South Africa joining a year later. The bloc has gained substantial sway with the accession of countries such as Iran, Egypt, Ethiopia, the UAE and Saudi Arabia earlier this year. It accounts for one-fifth of global trade and represents approximately 40% of the world’s population. 

The Malaysian premier held a meeting with Russian Foreign Minister Sergey Lavrov, this week, during which both officials discussed bilateral relations and expanding cooperation in various sectors, including trade, investment, security, defence, tourism, and culture. Both officials also spoke of the ongoing Gaza conflict, with Malaysia emphasizing on the urgent need for a permanent ceasefire and rapid humanitarian aid in Gaza. 

The total investable wealth currently held in the BRICS bloc amounts to $45 trillion and its millionaire population is expected to rise by 85% over the next 10 years, a report by advisory firm Henley & Partners revealed. 

BRICS is now a highly influential player in the global economy, presenting attractive new opportunities for investors, entrepreneurs, and talented high-net-worth individuals, Dr. Juerg Steffen, CEO of Henley & Partners said. 

“For investors worldwide, MENA’s growing participation in BRICS opens a realm of possibilities beyond the region, offering access to fast-growing consumer markets, strategic geographic positioning, and unique cultural and business environments.”