Continue engaging BRICS countries, say business groups
PETALING JAYA : Several business groups have backed Putrajaya's decision to strengthen ties with BRICS nations, despite US president Donald Trump's threat to impose an additional 10% tariff on countries aligning with the bloc's policies.
The Small and Medium Enterprises Association of Malaysia (Samenta) said trade decisions should not be swayed by external pressure or intimidation.
William Ng.
'Malaysia should continue engaging with BRICS, particularly on trade equity, technology transfer, and development financing. This is especially important given the policy volatility of the US,' Samenta president William Ng told FMT.
'Should additional tariffs be imposed, SMEs must pivot to other BRICS economies like China, India and South Africa.'
Trump has warned that countries supporting BRICS policies that conflict with American interests will face an additional 10% tariff. He has consistently criticised the bloc—whose members include China, Russia and India—saying it is undermining global stability.
In response, investment, trade and industry minister Tengku Zafrul Aziz reaffirmed Malaysia's commitment to deepening cooperation with BRICS nations.
He said the country's multilateral engagements are guided by national interest—not ideological allegiance.
The Malaysian International Chamber of Commerce and Industry (MICCI) also expressed support for continued engagement with BRICS, but stressed the need to diversify export markets to mitigate risks.
'Industries with significant exposure to the US market, such as electronics, electrical and electronic components, palm oil, medical devices, automotive parts and textiles, could be most affected,' it said.
Jayant Menon.
Echoing similar views, economist Jayant Menon of ISEAS-Yusof Ishak Institute said Malaysia must start weaning itself off dependence on the US, which is 'increasingly presenting itself as an aggressive, unreliable, and erratic trading partner'.
'Although there will be an adjustment cost in the short run, this will be beneficial in the long run,' he said.
In 2024, the US was Malaysia's third-largest trading partner, with total trade reaching RM324.91 billion. Malaysia recorded a trade surplus of about RM72.39 billion with the US that year.
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