Asean trying to avoid using US dollar in trade, says Anwar
KUALA LUMPUR : Asean has increased the use of local currencies in trade as a concrete way toward a more stable financial system free of unilateral domination, Prime Minister Anwar Ibrahim said today.
Speaking at a forum of the BRICS grouping of developing economies, he said: 'Of course, we are not talking about de-dollarisation yet, that's still a long way to go. But at least we are trying. Malaysia, together with Indonesia, Thailand, and China, we are beginning to use our currencies, even if it starts with just 10% or 20% of the trade volume.'
'It makes a difference because we cannot keep complaining without executing our plans, both among ourselves and with our friendly neighbours,' he said at a business forum in Rio De Janeiro, Brazil, where he is attending a summit meeting of the BRICS grouping of developing economies.
'I believe that this attempt by BRICS will be of some significant success that would alter and cause a change in the course of the history of mankind. We often discuss similar issues within Asean. We must be cohesive and speak as one based on multilateral arrangements,' said Anwar.
The prime minister said members of BRICS and Asean must continue to strengthen strategic cooperation, including enhancing cross-regional trade and investment for the shared benefit of developing countries.
Anwar said emerging economies are gaining strength in areas such as aviation, technology, artificial intelligence and food innovation.
The prime minister also called for an increase in trade among BRICS members and for the grouping to emerge as a strong and principled force in shaping a more balanced and just international order.
Lamenting unilateral tariff measures and protectionist policies, Anwar expressed confidence that BRICS, whose members today account for nearly 40% 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.
He further emphasised the need for reform of international institutions, from the United Nations to the World Trade Organisation, the International Monetary Fund and the World Bank, 'towards a more democratic and just multilateral order'.
Anwar said developing countries should no longer be regarded as peripheral players in the global system.
'We are not merely heirs of post-colonial history. We have now risen as a dignified force with our strengths in technology, trade, leadership, and the moral voice of the world,' he said.
The BRICS group was initially established by Brazil, Russia, India and China, and later expanded to include South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia.
Malaysia, Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Thailand, Vietnam, Uganda, and Uzbekistan have now been accepted as BRICS partner countries.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
9 minutes ago
- Malay Mail
‘Where's the school, kindergarten?': Anwar grills Cheras Madani housing project developer over missing infrastructure in launch plan
KUALA LUMPUR, Aug 6 — Prime Minister Datuk Seri Anwar Ibrahim today questioned the developer of the Residensi Aman Lumayan Madani housing project in Cheras over the absence of key public facilities, questioning why a school and kindergarten were not included in the development plan. Speaking at the project's groundbreaking ceremony, Anwar stressed that all large-scale housing developments — particularly those with more than 3,500 units — must include essential amenities, especially education facilities within close proximity. 'I want to change the approach for this launch by asking a few questions,' he said. 'For all housing projects, my instructions are clear — all large-scale housing developments, especially those with 3,500 units or more, must include school infrastructure. 'The school must be nearby. Is there one? A primary or secondary school?' He said if there were no schools in the area, one of the blocks should be repurposed into a vertical school with a dedicated lift. Anwar added that while one block of the project can proceed, another should be deferred until all conditions are met. He also questioned whether the project had adequate space for a kindergarten, pointing out that many urban families earning RM2,000 or RM3,000 a month were forced to send their children to kindergartens located kilometres away. 'I've already instructed that kindergartens must be located within the building itself. If they're already there, good. If not, it must be rectified,' he said. He then ordered the developer, mayor and relevant parties to meet him next Monday to present the project's updated layout. 'It won't take long, 10 minutes. Show me where the school is, where the kindergarten is, where the pre-school area is, and where the healthcare facility block is. 'All of that must be in place. That's why planning officers need to understand what the Madani framework really means,' he said. MORE TO COME
Malay Mail
9 minutes ago
- Malay Mail
Works Ministry: MLFF toll system to use B2B model, won't cost government ‘single sen'
KUALA LUMPUR, Aug 6 — The Works Ministry is proceeding with the Multi-Lane Fast Flow (MLFF) toll collection system through a direct business-to-business (B2B) model as the agreement with the original project proponent was terminated last year, Parliament heard today. Speaking in the Dewan Rakyat, Deputy Minister Datuk Seri Ahmad Maslan said the B2B model ensures there will be no financial outlay from the government. 'The government remains committed to implementing the MLFF system via a B2B model, with no financial burden on the government. 'Private service providers will be allowed to negotiate directly with the 33 existing highway concessionaires,' he said. Ahmad Maslan said a proof-of-concept (PoC) trial for the MLFF system is currently being conducted at the Alam Impian toll plaza on the Kemuning–Shah Alam Expressway. This trial, a collaboration with Touch 'n Go and CIMB, involves the installation of gantries and other supporting infrastructure. Responding to a supplementary question from Tanjong Manis MP Yusuf Abdul Wahab on how the system would handle toll evasion, the deputy minister explained that it will use a combination of radio-frequency identification (RFID) and automatic number plate recognition (ANPR) technology to identify all vehicles. He said those who fail to pay will receive notices, and future enforcement could include blocking road tax renewals. 'RM3.46 billion cost won't materialise' Ahmad Maslan also addressed recent concerns raised by the Public Accounts Committee (PAC) regarding a previously projected cost of RM3.46 billion to the government. 'The previously mentioned RM3.46 billion cost will not materialise, as the government has decided to implement the MLFF system through a B2B model. 'This means that not a single sen of government funds will be involved,' he asserted, adding that discussions of multi-billion ringgit figures are no longer relevant. He explained that a two-year timeframe has been designated to give private service providers ample opportunity to finalise their negotiations with the highway concessionaires. In the interim, he said the ministry is working to improve existing RFID lanes and has introduced open payment systems (SPT) allowing debit and credit card use at toll booths to enhance payment flexibility.
New Straits Times
39 minutes ago
- New Straits Times
PM rejects cruelty claims, cites increased aid to opposition states
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has dismissed claims of cruelty and discrimination, saying his government has increased allocations to opposition-led states. For about four minutes, Anwar explained why calling the government "cruel" was unfair. "Even though we are accused by some that we discriminate, that we are cruel... when we look at the numbers, the allocations for Kelantan, Terengganu, Perlis, and Kedah have increased. It's higher than when they were the government," he said. Anwar added, "Do not say that we are cruel and do not provide (allocations), because the allocations have increased." He was speaking while answering questions during Prime Minister's Question Time yesterday. Anwar also said he had given RM1 billion to the Muda Agricultural Development Authority (Mada) for the first phase and had expedited the process to provide such allocations. Anwar said the state government had withdrawn allocations for Sekolah Agama Rakyat in 2003, while the current federal government reinstated them in 2022. In a jest, he said: "The cruel ones are those who cancelled the allocations — yet they're the ones being praised."
