Kuala lumpur: 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.

According to BERNAMA News Agency, Mohamad stated that the 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. He emphasized the need for a review of the global financial system, highlighting the burden of debt on many countries and the desire to reduce dependence on a single system. These comments were made during a media session following the launch of the Sekolah Menengah Kebangsaan Seri Sendayan athletics championship.

Mohamad, who is also Rembau MP and Rantau assemblyman, mentioned Malaysia's efforts to expand the use of local currencies in trade with neighbouring countries, including ASEAN members, to reduce reliance on third-party currencies. He pointed out that trade among member countries is being strengthened and efforts are underway to reinforce respective currencies through regional economic cooperation.

He noted that the strengthening of the ringgit is a result of increased trade volume, with Malaysia's total trade exceeding RM1 trillion in the first quarter of this year. As a trading nation, he argued that Malaysia should enhance national trade in an orderly manner and reduce exposure to foreign currencies, favoring trade using local currencies through central banks.

Meanwhile, Mohamad highlighted Malaysia's important role in BRICS given its position as an ASEAN member and an active international trading nation. He suggested that Malaysia can leverage the principles of multilateralism shared by BRICS and ASEAN to strengthen governance and enhance investor confidence.

He further added that Malaysia remains a preferred destination for foreign investors due to its clear and consistent foreign policy, commitment to neutrality, and firm stance against human rights violations.