Malaysia PM Anwar calls for increase in intra-BRICS trade, urges trading opportunities overseas
At the 17th BRICS Leaders' Summit in Rio De Janeiro, which runs from Sunday (Jul 6) to Monday, Anwar also said that Malaysian companies must be willing to explore new markets and trading opportunities overseas.
Anwar expressed confidence that BRICS, which today accounts for nearly 40 per cent of the global economy, holds vast potential to boost trade within the informal grouping.
'With that collective strength, we can engage the world safely, fairly, and justly, negotiating on equal terms with all partners in the multilateral system,' he said, as quoted by Malaysian news agency Bernama.
He also emphasised the need for reform of key international institutions.
'We must demand the transformation of global governance structures, from the United Nations to the World Trade Organisation, the International Monetary Fund (IMF) and the World Bank towards a more democratic and just multilateral order,' he said.
Anwar was speaking at the BRICS Business Forum entitled: 'Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress' on Sunday.
Also present were President of Brazil Luiz Inácio Lula da Silva, Vice President of Brazil Geraldo Alckmin and President of the Brazilian Confederation of National Industry Ricardo Alban.
Anwar voiced his support for Lula, praising his courage as one of the few global leaders to speak on behalf of those who have been left unheard.
The Malaysian premier, who is also finance minister, said BRICS and ASEAN members must continue to strengthen strategic cooperation, including enhancing cross-regional trade and investment for the shared benefit of developing countries.
He added that Malaysia, as ASEAN Chair, shares BRICS' ideals of participation from the private sector, women, youth, and civil society.
Also at the summit, Anwar warned that Malaysian companies must not solely rely on traditional markets, but instead venture into new ones.
He said platforms like the BRICS offer enormous opportunities, and praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil.
Yinson, an independent owner and operator of floating, production, storage and offloading (FPSO) vessels, has three projects in Brazil since 2023, namely FPSO Anna Nery, FPSO Maria Quiteria and FPSO Atlanta.
The company hosted a dinner at the BRICS Summit, where its executive chairman Lim Han Weng, was present.
Petronas has ventured into oil production in Brazil and last year opened its petrol station as well.
Anwar also said he has asked Trade and Industry Minister Tengku Zafrul Abdul Aziz, who was also present at the summit, to facilitate and offer assistance to Malaysian companies doing business in Brazil.
In a meeting with Lula at the summit, Anwar said they discussed various issues of importance between the two countries.
Anwar said Lula has accepted his invitation to visit Malaysia during the ASEAN Summit in October.
"He wants to bring key ministers and business groups to Malaysia," Anwar said, as quoted by Bernama.
He added there would be a special conference with both leaders addressing the event.
Malaysia participated in the BRICS Leaders' Summit as a partner country and as ASEAN Chair 2025. It officially became a BRICS partner country on Jan 1.
Bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in 2023. Brazil is one of Malaysia's main trading partners in Latin America.
The BRICS group - which serves as a political and diplomatic coordination forum for countries of the Global South with collaboration across diverse sectors - was initially established by Brazil, Russia, India and China.
It later expanded with the inclusion of South Africa by 2011, followed by Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) and Indonesia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
3 hours ago
- CNA
Bangladesh vows full cooperation with Malaysia over arrest, deportation of suspects over militant activity
DHAKA: Bangladesh has vowed full cooperation to Malaysian authorities and sought more information, following the arrest of 36 Bangladeshi nationals in a recent security operation targeting alleged involvement in the Bangladeshi Radical Militant Group (GMRB). 'The Bangladesh government is closely monitoring the developments, and the Bangladesh High Commission in Kuala Lumpur is in close communication with the relevant Malaysian authorities, and will extend necessary support to the expatriate Bangladeshis wherever needed,' the Foreign Affairs Ministry said in a statement issued on Saturday (Jul 5), quoted by local media. The ministry also reiterated Dhaka's firm stance against all forms of terrorism, violent extremism and militancy, and said it remains ready to cooperate fully with Malaysian authorities in the matter. Malaysia's Inspector General of Police Mohd Khalid Ismail had earlier said that the group of Bangladeshis arrested in Malaysia was suspected of sending funds to Islamic State (IS) cells in Syria and Bangladesh, according to local news platform bdnews24. At a press conference on Friday, Mohd Khalid said the 36 Bangladeshi nationals were arrested in a series of operations conducted since April. Most of them were employed in factories, construction sites, or the service sector. Of those, five have been formally charged, while investigations are ongoing against several others. The rest were in the process of being deported, according to Bangladesh anti-terrorism chief Akkas Uddin Bhuiyan, as quoted in bdnews24. Later that day, three Bangladeshi nationals, deported from Malaysia on suspicion of involvement in militant activities, were arrested and detained after they arrived home. The three men now in Bangladeshi custody were among those who were sent back. They were arrested under Section 54 of the Code of Criminal Procedure and produced before the court on the same day. The court subsequently ordered their detention in jail, according to Akkas, as reported by bdnews24. Bangladesh's Home Affairs Adviser Jahangir Alam Chowdhury reportedly dismissed claims that the recent deportation of suspected extremists from Malaysia indicated the presence of terrorist activity in the country, claiming visa overstays instead for the three citizens deported. 'There is no militant activity in Bangladesh. With your cooperation, we've rooted out militancy,' he was quoted saying by Dhaka-based broadsheet The Daily Star. He added that any such allegations could be used to apply external pressure or stigmatise the country. Chowdhury said Malaysia's claim of a radical militant movement was still being verified, and that no official communication had confirmed the individuals were involved in militancy. 'Our foreign ministry has already issued a press release clarifying the situation. As far as we know, three individuals were deported due to overstaying their visas," he reportedly said. News of the arrests first emerged on Jun 27, when Malaysia's Home Minister Saifuddin Nasution Ismail announced that 36 Bangladeshi nationals had been detained on suspicion of extremism. Mohd Khalid said the police's special branch first detected the group through a number of Facebook accounts actively sharing IS-related content, all traced back to internet protocol (IP) addresses originating in Malaysia. Khalid said members paid RM500 (US$118) annually to the Bangladesh 'radical militant movement' in membership fees. The police also have detected between 100 and 150 individuals who are involved in the WhatsApp group, according to the Malay Mail.
CNA
4 hours ago
- CNA
Bangladesh vows full cooperation with Malaysia over arrest, deportation of suspected extremists
DHAKA: Bangladesh has vowed full cooperation to Malaysian authorities and sought more information, following the arrest of 36 Bangladeshi nationals in a recent security operation targeting alleged involvement in the Bangladeshi Radical Militant Group (GMRB). 'The Bangladesh government is closely monitoring the developments, and the Bangladesh High Commission in Kuala Lumpur is in close communication with the relevant Malaysian authorities, and will extend necessary support to the expatriate Bangladeshis wherever needed,' it said in a statement issued on Saturday (Jul 5), quoted by local media. The ministry also reiterated Dhaka's firm stance against all forms of terrorism, violent extremism and militancy, and said it remains ready to cooperate fully with Malaysian authorities in the matter. Malaysia's Inspector General of Police Mohd Khalid Ismail had earlier said that the group of Bangladeshis arrested in Malaysia was suspected of sending funds to Islamic State (IS) cells in Syria and Bangladesh, according to local news platform bdnews24. At a press conference on Friday, Ismail said the 36 Bangladeshi nationals were arrested in a series of operations conducted since April. Most of them were employed in factories, construction sites, or the service sector. Of those, five have been formally charged, while investigations are ongoing against several others. The rest were in the process of being deported, according to Bangladesh anti-terrorism chief Akkas Uddin Bhuiyan, as quoted in bdnews24. Later that day, three Bangladeshi nationals, deported from Malaysia on suspicion of involvement in militant activities, were arrested and detained after they arrived home. The three men now in Bangladeshi custody were among those who were sent back. They were arrested under Section 54 of the Code of Criminal Procedure and produced before the court on the same day. The court subsequently ordered their detention in jail, according to Akkas, as reported by bdnews24. Bangladesh's Home Affairs Adviser Jahangir Alam Chowdhury reportedly dismissed claims that the recent deportation of suspected extremists from Malaysia indicated the presence of terrorist activity in the country, claiming visa overstays instead for the three citizens deported. 'There is no militant activity in Bangladesh. With your cooperation, we've rooted out militancy,' he was quoted saying by Dhaka-based broadsheet The Daily Star. He added that any such allegations could be used to apply external pressure or stigmatise the country. Chowdhury said Malaysia's claim of a radical militant movement was still being verified, and that no official communication had confirmed the individuals were involved in militancy. 'Our foreign ministry has already issued a press release clarifying the situation. As far as we know, three individuals were deported due to overstaying their visas," he reportedly said. News of the arrests first emerged on Jun 27, when Malaysia's Home Minister Saifuddin Nasution Ismail announced that 36 Bangladeshi nationals had been detained on suspicion of extremism. Mohd Khalid said the police's special branch first detected the group through a number of Facebook accounts actively sharing IS-related content, all traced back to internet protocol (IP) addresses originating in Malaysia. Khalid said members paid RM500 annually to the Bangladesh 'radical militant movement' in membership fees.
CNA
7 hours ago
- CNA
Leaders of growing BRICS group gather for Rio summit
RIO DE JANEIRO: Leaders of the growing BRICS group of developing nations were set to gather in Rio de Janeiro on Sunday (Jul 6), calling for reform of traditional Western institutions while presenting the bloc as a defender of multilateralism in an increasingly fractured world. With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive "America First" approach of US President Donald Trump, expansion of the BRICS has opened new space for diplomatic coordination. "In the face of the resurgence of protectionism, it is up to emerging nations to defend the multilateral trade regime and reform the international financial architecture," Brazilian President Luiz Inacio Lula da Silva told a BRICS business forum on Saturday. BRICS nations now represent over half the world's population and 40 per cent of its economic output, Lula noted. The BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as full members. This is the first leaders' summit to include Indonesia. "The vacuum left by others ends up being filled almost instantly by the BRICS," said a Brazilian diplomat who asked not to be named. Although the G7 still concentrates vast power, the source added, "it doesn't have the predominance it once did". However, there are questions about the shared goals of an increasingly heterogeneous BRICS group, which has grown to include regional rivals along with major emerging economies. Stealing some thunder from this year's summit, Chinese President Xi Jinping chose to send his prime minister in his place. Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court. Still, many heads of state will gather for discussions at Rio's Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa. GROWING CLOUT, COMPLEXITY Brazil, which also hosts the United Nations climate summit in November, has seized on both gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on US climate initiatives. Both China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in a proposed Tropical Forests Forever Facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world. Expansion of the BRICS has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the United Nations Security Council and the International Monetary Fund. The growth of the bloc has also increased the challenges to reaching consensus on contentious geopolitical issues. Ahead of the summit, negotiators struggled to find shared language for a joint statement about the bombardment of Gaza, the Israel-Iran conflict and a proposed reform of the Security Council, said two of the sources, who requested anonymity to speak openly. To overcome differences among African nations regarding the continent's proposed representative to a reformed Security Council, the group agreed to endorse seats for Brazil and India while leaving open which country should represent Africa's interests, a person familiar with the talks told Reuters. The BRICS will also continue their thinly veiled criticism of Trump's US tariff policy. At an April ministerial meeting, the bloc expressed concern about "unjustified unilateral protectionist measures, including the indiscriminate increase of reciprocal tariffs".
