KUALA LUMPUR: Malaysia, as a partner country of BRICS, will closely monitor the development of US President-elect Donald Trump’s threat to impose 100 per cent tariffs on BRICS countries, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz. Trump has threatened to impose a 100 per cent tariff on BRICS nations if they were to create a rival currency to the US dollar.

According to BERNAMA News Agency, Tengku Zafrul stated, “We are not a member of BRICS. We are currently with countries that have just become partners of BRICS. But again, I think we have to watch closely what the potential developments are that may affect not just BRICS countries. Malaysia, like I said, we are open for business. We are open for trade and we believe that we need to engage all countries,” during a media conference following the official ceremony of the UK’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) ‘enter-into-force’ countdown.

Tengku Zafrul emphasized Malaysia’s c
ommitment to participating in multilateral trade platforms to enhance the nation’s economy and maintain prosperity. He stated, “We believe in the multilateral platforms that exist today in many countries, one being the CPTPP. And we are glad that the United Kingdom (UK), being one of the Group of Seven (G7) countries, is also participating in the CPTPP.”

Acting British High Commissioner David Wallace commented on the UK’s approach, noting that while some countries are discussing increasing tariffs, the UK aims to reduce them by joining the CPTPP. The UK is set to enter the CPTPP on December 15, 2024.