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The Sun
01-08-2025
- Business
- The Sun
Malaysia-BRICS trade hits RM818 billion in 2024, MITI reports
KUALA LUMPUR: Malaysia's trade with BRICS member countries surged to RM818 billion in 2024, making up 35.2% of the nation's total global trade, according to the Ministry of Investment, Trade and Industry (MITI). The ministry also confirmed RM104.9 billion in realised investments from BRICS nations as of last year. MITI stated that Malaysia's engagement as a BRICS partner country is a strategic move to explore market access, attract foreign investments, and assess broader implications before considering full membership. 'Although Malaysia is not yet a full BRICS member, the country has already gained economically from ties with BRICS nations, many of which are existing trade and investment partners,' the ministry said. The statement was part of a parliamentary reply to Datuk Seri Dr Ahmad Samsuri Mokhtar (PN–Kemaman), who inquired about the tangible benefits of Malaysia's cooperation with BRICS, particularly in economic development and sustainability. Prime Minister Datuk Seri Anwar Ibrahim reinforced Malaysia's commitment to multilateral cooperation during the 17th BRICS Leaders' Summit in Rio de Janeiro, Brazil, held from July 6–7, 2025. MITI noted that Malaysia's partnership with BRICS could enhance regional supply chains, expand market access, and open new investment avenues. 'Cooperation with BRICS supports Malaysia's push for a rules-based, inclusive global trading system while strengthening economic resilience against protectionism,' MITI added. The ministry also emphasised the importance of joint efforts between BRICS and ASEAN to foster mutual benefits in trade, sustainable development, clean energy, and emerging technologies. As ASEAN chair in 2025, Malaysia will lead initiatives such as the ASEAN AI Safety Network Declaration, the ASEAN AI Malaysia Summit (August 11–13, 2025), and the Smart City Expo Kuala Lumpur (September 17, 2025). These programmes will involve BRICS members like China, India, and Russia. BRICS, a forum for leading emerging economies, now includes Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa, and the United Arab Emirates. - Bernama
Sinar Daily
01-08-2025
- Business
- Sinar Daily
Malaysia–BRICS trade reaches RM818 billion in 2024
It also reported that a total of RM104.9 billion in investments from BRICS countries had been realised in Malaysia as of last year. 01 Aug 2025 08:41am The BRICS countries, an acronym of the five members Brazil, Russia, India, China and South Africa, meet for three days for a summit in Johannesburg. - (Photo by Marco Longari / AFP) KUALA LUMPUR - Malaysia's total trade with BRICS member countries has reached RM818 billion, representing 35.2 per cent of the country's total global trade in 2024, according to the Investment, Trade, and Industry Ministry (Miti). In a written Parliamentary reply published on the Dewan Rakyat portal yesterday, it also reported that a total of RM104.9 billion in investments from BRICS countries had been realised in Malaysia as of last year. Malaysia's engagement with BRICS as a partner country is a strategic step, enabling it to explore market access opportunities, attract potential foreign investment, and evaluate the broader implications before deciding on full BRICS membership. 'Although Malaysia is not yet a full BRICS member, the country has already benefited economically from its ties with BRICS nations, many of which are existing trade and investment partners. 'At the same time, BRICS may also view this engagement as an opportunity to assess Malaysia's commitment to advancing the group's agenda,' Miti said. It was responding to Kemaman MP Datuk Seri Ahmad Samsuri Mokhtar's query on the tangible benefits of Malaysia's cooperation with BRICS, particularly in economic development and sustainability. Miti noted that Prime Minister Datuk Seri Anwar Ibrahim had expressed Malaysia's commitment to strengthening multilateral cooperation and inclusivity in line with BRICS principles during his participation in the 17th BRICS Leaders' Summit, held from July 6 to July 7 in Rio de Janeiro, Brazil. 'As a BRICS partner country, Malaysia can use this opportunity to enhance regional supply chain integration, broaden market access, and open new investment channels. 'Cooperation with BRICS also supports Malaysia's efforts to promote a rules-based, inclusive global trading system, while strengthening economic resilience against protectionism and economic decoupling,' it said. Miti added that the government believes in the importance of strengthening joint efforts between BRICS and Asean to bring mutual benefits to both regional blocs. Through collaboration in areas including trade, sustainable development, clean energy, and emerging technologies, both regions can improve economic resilience, expand investment opportunities, and reinforce their positions in addressing global challenges. In conjunction with Malaysia's Asean chairmanship in 2025, the country will lead several regional initiatives, including the development of the 'Declaration on the Establishment of an Asean AI Safety Network', the Asean AI Malaysia Summit 2025 (August 11 to August 13), and the Smart City Expo Kuala Lumpur on September 17. 'These programmes and initiatives will also involve Asean Dialogue Partners such as China, India, and Russia, all of whom are BRICS member countries,' it said. BRICS is a forum for cooperation among a group of leading emerging economies. It includes 10 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa, and the United Arab Emirates. - BERNAMA More Like This
