Will joining Brics help Malaysia’s economy?

 

The world is divided. Take a look at how everyone is divided on different political sides. There is the current most obvious which is the divide between Palestine and Israel.

Then, there is the divide between the United States of America and Russia, the divide between the US and China, and the divide between Russia and Ukraine.

As an independent and sovereign nation, how does a country like Malaysia, or any other country that isn’t a superpower, navigate its way in the global scene and strategise its international relations?

It would seem like everywhere you go would be a case of “Damned if you do and damned if you don’t”. Maybe a more accurate way is how former US president George W Bush put it - you’re either with us or you’re not.

Malaysia has many contradictory stances. They are contradictory according to the different major opinion holders, of course, and not contradictory from a Malaysian standpoint.

For example, the US is one of our largest trade partners, yet, we oppose their stand when it comes to the Israel-Palestine issue. But we still want to trade with and have a relationship with them.

It’s also the same with our relationship with China and Russia. We continue with our relationships with them although we are opposed to the invasion of Ukraine and not a participant of any sanctions that are being touted by the US.

Where does that put Malaysia? Well, it shouldn’t matter, right? An independent and sovereign nation should be able to make decisions of its own.

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So that brings us to the topic of Malaysia wanting to join the controversial Brics geopolitical bloc.

It started as Bric in 2009 with the joining of forces among the then-emerging economies of Brazil, Russia, India, and China. South Africa joined in 2010 and Bric became Brics.

The objective was to strengthen the group’s economic standing in the world, similar to any economic trade alliance, against other economic powers.

The group has expanded over the years and it now includes Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, which joined this year.

More than 40 other countries have also expressed interest, including from Southeast Asia such as Indonesia, Thailand, Myanmar, Laos, Cambodia, Vietnam, and Malaysia, with Prime Minister Anwar Ibrahim saying formal proceedings will start.

Anti-West image

The formation of Brics back then was political and seen as a challenge to the West - specifically the US and its allies.

For a long time, the group stayed quite small, probably because of its political stance. Any country joining Brics would have been seen as being against the West’s hegemony. But now they are expanding, the group’s image needs to change.

The newer countries that have joined like Saudi Arabia and the UAE have long-standing relationships, in trade and military, with the US.

It seems like Malaysia’s decision to join Brics is due to wanting diversification and opening up our options when it comes to better trade and stabilising the economy. It would seem to be a good move on the part of our government.

With that being said, Brics does not have strong clout. They are still too small to affect the global economy, what more de-dollarisation.

Although the founding members are among the big economies of the world and part of the G20, the group still isn’t as influential as they hope to be. The other countries that have joined or expressed interest in joining aren’t ones with the clout to tip the scale either.

That, or they have relationships that could negatively impact the group. Many of the countries that are now expressing interest in joining also have relationships with the West, just like Malaysia.

Many, in joining Brics, most probably have intentions of wanting more negotiating leverage, rather than actively opposing the Western economies.

So is joining Brics a good move for Malaysia? Well, I guess every little opportunity and anything that creates more options is a good thing. With how the country’s economy is faring, we need to get a move on to improve.

Or maybe it was just a diplomatic move to appease visiting dignitaries at the time. Coincidentally, the announcement was right before the three-day visit of China’s premier Li Qiang last month.

However, I’m more interested in finding out if Brics will change to BRICSSIEEAUITMLCVM once the year ends. What do you think? - Mkini

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ZAN AZLEE is a writer, documentary filmmaker, journalist and academic. Visit fatbidin.com to view his work.

The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.