Reserve

Prime

<a href="https://bitcoinworld.co.in/malaysia-makes-formal-bid-to-join-the-brics/" title="Malaysia Makes Formal Bid To Join The BRICS" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Malaysia wants to join BRICS to diversify its economic ties and reduce reliance on Western economies.</li>
 <li style="font-weight: 400">Russia supports Malaysia’s bid, seeing it as a way to strengthen international collaboration and influence in the Global South.</li>
 <li style="font-weight: 400">Joining would give the country access to new financing and a political platform less influenced by Western powers.</li>
</ul>
Prime Minister Anwar Ibrahim has confirmed that Malaysia has sent a formal application letter to Russia, the current BRICS chair, expressing interest in either full membership or a strategic partnership.
Malaysia is looking to diversify its economic ties and reduce its dependence on Western economies. Anwar mentioned that the country is waiting for feedback from South Africa to move forward with the membership process.
The BRICS group recently expanded to include the countries UAE, Iran, Egypt, and Ethiopia. The plan is to create a multipolar world and challenge the current global economic system.
<h3 id="span-style-font-weight-400-russia-s-support-and-strategies-for-brics-span">Russia’s Support And Strategies For BRICS</h3>
Russia is backing Malaysia’s bid to join BRICS. Russian Foreign Minister Sergey Lavrov assured Anwar of Moscow’s support during his visit to Malaysia. Anwar said on Facebook:&nbsp;
“This potential membership holds substantial promise for both nations and shows our commitment to creating strong international collaboration.”&nbsp;
He had first shown interest in joining BRICS ahead of China Premier Li Qiang’s visit to Malaysia. Being part of BRICS would give Malaysia access to financing and a political platform that isn’t influenced by Washington.
Anwar <a href="https://www.bloomberg.com/news/articles/2024-07-29/malaysia-says-brics-chair-russia-backs-its-bid-to-join-bloc" rel="noopener noreferrer nofollow">has</a> criticized America’ role in the Israel-Palestine genocide and said that Malaysia and Russia both support a permanent ceasefire in the Middle East, immediate humanitarian aid, and recognizing Palestine as a full member of the UN.
<h3 id="span-style-font-weight-400-economic-and-geopolitical-effects-span">Economic and Geopolitical Effects</h3>
Malaysia’s foreign ministry reported that Russia is Malaysia’s eighth largest trading partner among European countries, with bilateral trade increasing by 15.6% to $3.1 billion in 2023.&nbsp;
Anwar said they explored ways to boost cooperation in investment, trade, science and technology, agriculture, defense, education, and tourism during his meeting with Lavrov.
Joining BRICS would also connect Malaysia to the BRICS’ New Development Bank. However, non-members like Bangladesh and Uruguay can still access its funds.&nbsp;
The bank’s founding document ensures the original five members retain 55% of the voting power, with China providing most of the funds.&nbsp;
Malaysia and Thailand, another country bidding to join BRICS, don’t face short-term balance of payments pressures, making the BRICS’ Contingent Reserve Arrangement less relevant for them.&nbsp;
For leaders like Thai Prime Minister Srettha Thavisin, joining BRICS isn’t a strategy to push for internal reforms, as membership doesn’t impose structural conditions.
Indonesia considered joining BRICS last year but decided against it. Argentina also backed out after the new president Javier Milei took office.&nbsp;
Saudi Arabia, invited to join in 2023, is hesitant, aware that joining might be seen as an anti-Western move by the U.S., its security guarantor.

Malaysia Makes Formal Bid To Join The BRICS

Spis treści

ItsBitcoinWorld

Inne artykuły opublikowane 29 lip 2024

XRP Price Analysis Hints Major Support Test Ahead of 500M Token Release

Dogecoin (DOGE) Sets Ambitious Growth Track, But There's One Twist

Ethereum Spot ETFs Debut in U.S. Exchanges, Supported by Major Issuers

Ethereum Foundation Wallet Makes Large Transfer

Ethereum’s New ETFs Attract $2.2 Billion, Influencing Trading Surge

JITO Foundation Releases Code for Jito Restaking on Solana

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!