SEREMBAN, May 22 — Malaysia’s participation in Brics is seen as having the potential to strengthen the country’s position in global economic competition, as well as reduce dependence on the traditional financial system dominated by major powers, said Foreign Minister Datuk Seri Mohamad Hasan.

He said the formation of the bloc aims to ensure that countries of the Global South are not continually sidelined, noting that Brics accounts for about 30 per cent of global gross domestic product (GDP) and represents a significant share of the world’s population.

“Our agenda is to ensure that Brics countries are able to enhance and maximise their capabilities so that they are not left behind, especially in the post-Covid-19 period.

“Furthermore, many countries are burdened with debt, so I believe the global financial system also needs to be reviewed. We no longer want to be overly dependent on a single system,” he told reporters after launching the Sekolah Menengah Kebangsaan Seri Sendayan athletics championship here today.

Mohamad, who is also Rembau MP and Rantau assemblyman, said Malaysia is now expanding the use of local currencies in trade with neighbouring countries, including Asean members, to reduce reliance on third-party currencies.

He said, at the same time, efforts are being strengthened to boost trade among member countries and reinforce their respective currencies through regional economic cooperation.

“This is why the ringgit is strengthening, as the country’s trade volume has increased significantly. In fact, in the first quarter of this year alone, Malaysia’s total trade exceeded RM1 trillion.

“Malaysia is a trading nation. Any effort to enhance national trade must be carried out in an orderly manner. We do not want to be overly exposed to the use of foreign currencies; it is better for us to trade using our own currencies and through our respective central banks,” he said.

Meanwhile, Mohamad said Malaysia can play an important role in Brics given its position as an Asean member and an active trading nation at the international level.

He said Malaysia can leverage the principles of multilateralism shared by Brics and Asean to strengthen governance and enhance investor confidence in the country.

He added that Malaysia continues to be a preferred destination for foreign investors due to its clear, consistent and principled foreign policy, including its commitment to neutrality and its firm stance against human rights violations. — Bernama

NEW DELHI, May 16 — Malaysia’s participation in the Brics Foreign Ministers’ Meeting has strengthened the country’s position in the intergovernmental organisation, says Foreign Minister Datuk Seri Mohamad Hasan.

He said this has also helped expand Malaysia’s role in promoting multilateral cooperation and advancing the interests of developing countries on the global stage.

Mohamad said among the key issues discussed was the importance of upholding multilateralism in international relations amid growing geopolitical uncertainty.

“This year’s theme largely highlights the importance of multilateralism and the need to maintain multilateral relations.

“This is in line with Malaysia’s foreign policy, which aims to ensure that multilateralism remains the foundation of relations between countries,” he told reporters after attending a dinner with staff and families of the Malaysian High Commission here yesterday.

He said Malaysia also believes the United Nations (UN) should be further strengthened as the main institution for managing international relations and addressing global challenges.

“Malaysia wants to see the principles of multilateralism maintained and reinforced, and it will continue to support any steps that allow institutions such as the UN to play a more important role amid today’s uncertain geopolitical climate,” he said.

He said the meeting also included informal discussions on the crisis in West Asia, including tensions in the Strait of Hormuz, which have impacted the global economy and the Asean region, adding that Malaysia wants the crisis to end as soon as possible.

Mohamad said at the meeting he also met with his counterparts from Iran, Russia, India, Egypt, the United Arab Emirates (UAE), Cuba and Thailand to further enhance economic cooperation and intra-Brics trade.

“I also represented Malaysia in calling for stronger intra-Brics trade so that we can increase trade with Brics member countries,” he said.

He said India’s role as an important partner in trade, pharmaceuticals and tourism, as well as efforts to bolster people-to-people ties through improved connectivity, were also discussed.

He also said Malaysia aims to position Egypt as a gateway to the North African market.

In a related development on the Strait of Hormuz, Mohamad said Iran had assured that Malaysian vessels face no issues passing through the strategic waterway, but heavy congestion has led to longer transit times.

“That is what they have already assured, that they have no issues with Malaysia and that Malaysia is regarded as a friendly nation,” he said.

“But due to severe congestion, with more than 2,000 vessels stranded following the recent closure, it is taking time for ships to exit the Strait of Hormuz,” he said.

Mohamad, who left yesterday, concluded his working visit in conjunction with the Brics Foreign Ministers’ Meeting on May 14 and 15.

At the meeting, he took part in four main programmes, namely a courtesy call on Indian Prime Minister Narendra Modi, delivering two statements, an official dinner, and seven bilateral meetings on the sidelines.

The meeting serves as a key platform in preparation for the Brics Summit, which is scheduled to be held here on Sept 12 and 13. — Bernama