Malaysia PM Anwar calls for increase in intra-BRICS trade, urges trading opportunities overseas
At the 17th BRICS Leaders' Summit in Rio De Janeiro, which runs from Sunday (Jul 6) to Monday, Anwar also said that Malaysian companies must be willing to explore new markets and trading opportunities overseas.
Anwar expressed confidence that BRICS, which today accounts for nearly 40 per cent 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, as quoted by Malaysian news agency Bernama.
He also emphasised the need for reform of key international institutions.
'We must demand the transformation of global governance structures, from the United Nations to the World Trade Organisation, the International Monetary Fund (IMF) and the World Bank towards a more democratic and just multilateral order,' he said.
Anwar was speaking at the BRICS Business Forum entitled: 'Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress' on Sunday.
Also present were President of Brazil Luiz Inácio Lula da Silva, Vice President of Brazil Geraldo Alckmin and President of the Brazilian Confederation of National Industry Ricardo Alban.
Anwar voiced his support for Lula, praising his courage as one of the few global leaders to speak on behalf of those who have been left unheard.
The Malaysian premier, who is also finance minister, said BRICS and ASEAN members must continue to strengthen strategic cooperation, including enhancing cross-regional trade and investment for the shared benefit of developing countries.
He added that Malaysia, as ASEAN Chair, shares BRICS' ideals of participation from the private sector, women, youth, and civil society.
Also at the summit, Anwar warned that Malaysian companies must not solely rely on traditional markets, but instead venture into new ones.
He said platforms like the BRICS offer enormous opportunities, and praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil.
Yinson, an independent owner and operator of floating, production, storage and offloading (FPSO) vessels, has three projects in Brazil since 2023, namely FPSO Anna Nery, FPSO Maria Quiteria and FPSO Atlanta.
The company hosted a dinner at the BRICS Summit, where its executive chairman Lim Han Weng, was present.
Petronas has ventured into oil production in Brazil and last year opened its petrol station as well.
Anwar also said he has asked Trade and Industry Minister Tengku Zafrul Abdul Aziz, who was also present at the summit, to facilitate and offer assistance to Malaysian companies doing business in Brazil.
In a meeting with Lula at the summit, Anwar said they discussed various issues of importance between the two countries.
Anwar said Lula has accepted his invitation to visit Malaysia during the ASEAN Summit in October.
"He wants to bring key ministers and business groups to Malaysia," Anwar said, as quoted by Bernama.
He added there would be a special conference with both leaders addressing the event.
Malaysia participated in the BRICS Leaders' Summit as a partner country and as ASEAN Chair 2025. It officially became a BRICS partner country on Jan 1.
Bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in 2023. Brazil is one of Malaysia's main trading partners in Latin America.
The BRICS group - which serves as a political and diplomatic coordination forum for countries of the Global South with collaboration across diverse sectors - was initially established by Brazil, Russia, India and China.
It later expanded with the inclusion of South Africa by 2011, followed by Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) and Indonesia.
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