Reserve

Prime

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. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GTlqtGEWsAED-IE?format=jpg&amp;name=large" alt="Malaysia makes formal bid to join the BRICS" width="1577" height="887">
 <figcaption class="wp-caption-text">
 Anwar Ibrahim and China’s President Xi Jinping
 </figcaption>
</figure> 
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="b-russia-s-support-and-strategies-for-brics-b">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; 
<blockquote>
 “This potential membership holds substantial promise for both nations and shows our commitment to creating strong international collaboration.”&nbsp;
</blockquote> 
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 has <a href="https://www.bloomberg.com/news/articles/2024-07-29/malaysia-says-brics-chair-russia-backs-its-bid-to-join-bloc" rel="nofollow noopener" target="_blank">criticized</a> 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="b-economic-and-geopolitical-effects-b">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; 
<figure id="attachment_551587" aria-describedby="caption-attachment-551587" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-551587 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Putin.jpg" alt="Malaysia makes formal bid to join the BRICS" width="1920" height="1288" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Putin.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Putin-300x201.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Putin-1200x805.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Putin-768x515.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Putin-1536x1030.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-551587" class="wp-caption-text">
 Vladimir Putin. Credits: AP
 </figcaption>
</figure> 
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

Mục lục

Cryptopolitan_News

Các bài viết khác được xuất bản trên 29 thg 7, 2024

Bitcoin Sentiment Soars to 16-Month High Amid Price Rally and Trump’s Crypto Vision

Hong Kong Legislator Proposes Including Bitcoin in Fiscal Reserves

U.S. Government Holds $12B in Bitcoin — Arkham

Gambling Crypto At $0.00107 Taking The Market By Storm, Is There Still Space For Shiba Inu?

Legendary Analyst il Capo Says “There’s Big FUD”, Shares What to Expect Next

Bitcoin Tumbles as Mt. Gox Executes Massive BTC Transfer: How Much

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!