PM Anwar meets New Development Bank president Dilma Rousseff on Brics summit sidelines
Anwar met the Shanghai-based NDB delegation, led by its president Dilma Rousseff, on the sidelines of the Brics Leaders' Summit being held here.
NDB is a multilateral development bank established by the Brics nations. It currently has 11 members, namely Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan.
Malaysia's participation in the summit is in its capacity as a Brics Partner Country and as Chair of Asean 2025. Malaysia officially became a Brics Partner Country on January 1 this year. — Bernama
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New Straits Times
an hour ago
- New Straits Times
Anwar lays out vision for more equitable world
IN Rio de Janeiro this week, the city welcomed leaders for the BRICS Summit. A fresh voice entered the conversation: Malaysia, a newly engaged BRICS partner country and current chair of Asean. Moments after touching down, Prime Minister Datuk Seri Anwar Ibrahim was ushered on stage alongside President Luiz Inacio Lula da Silva to open the BRICS Business Forum. The prime minister delivered an address that was personal and relatable and uplifting. At the core of his speech was a simple truth: the developing world can no longer be seen as peripheral players in a system built elsewhere. We are not relics of post-colonial history. We are rising powers in our own right, armed with moral capital, technological capacity and economic ambition. Anwar did not merely speak for Malaysia and Asean. He articulated for the Global South its pursuit of a more equitable, responsive and plural future. There was particular praise for President Lula, whose principled leadership has steered BRICS beyond rhetoric into something more consequential: a coalition with real potential to influence global structures. Today's BRICS, Anwar noted, is not just a forum of statesmen. It includes the voices of the private sector, youth, women and civil society. That gives it a level of resilience, inclusivity and legitimacy that Bretton Woods institutions do not have, weighed down by their hierarchical and opaque structures. Anwar's message marked clarity of purpose: Malaysia, and the Global South too, want to engage all, defer to none, and recast the architecture of global cooperation frameworks from the prism of developing nations. As chair of Asean, Malaysia brings a regional mandate grounded in multilateralism, economic openness and collective agency. Anwar addressed Asean's drive to strengthen intra-regional trade and investment, deepen financial integration and promote local currencies for cross-border transactions, towards a more stable, diversified and less dollar-dependent system. Building on this vision, the BRICS private sector could push innovative frameworks in finance, via green sukuk, climate-aligned instruments and sustainability-linked vehicles, as levers for systemic transformation. In his interventions at the Leaders' Summit, Anwar made a strong case for closer BRICS-Asean ties. Both reflect the ambitions of the Global South, not to disrupt global order, but to rebalance it. As economic bifurcation deepens and supply chains collapse, this dialogue helps to rebuild connectivity, fortify inter-regional trade and investment, and enhance collaboration in the sectors that matter. Anwar called for nothing less than reform of the major postwar institutions, such as the United Nations, the International Monetary Fund, the World Bank and the World Trade Organisation, in order to reflect the 21st-century world. The existing multilateral architecture is fraying, not for lack of ideals, but in terms of responsiveness and the failure to evolve. On the notion that Malaysia's partnership with BRICS is demonstrative of a geo-economic deflection from the West, particularly the United States, Anwar made it unequivocally clear that the US remains Malaysia's top source of foreign direct investment. In terms of trade, the United States continues to be Malaysia's third-largest partner, a position it has held since 2015. Thus, any suggestion of a shift, strategic or otherwise, is groundless. That said, BRICS represents not a counterweight, but a counterproposal deeply rooted in inclusion, equity and shared sovereignty. It embodies a vision of balanced multilateralism that is networked, adaptive and genuinely plural. Make no mistake: what we saw in Rio was not a symbolic appearance. It was Malaysia stepping into a new role as bridge-builder, regional convenor and vocal proponent of a more equitable global economy. That momentum continues in October, when Malaysia hosts the Asean Summit in Kuala Lumpur that Lula has pledged to attend — a testament to the growing stature of this partnership. The path forward is clear: not a retreat from the multilateral order, but its reform. Not a rejection of global engagement, but its redistribution. Not a rivalry of blocs, but a realignment of priorities.
The Star
an hour ago
- The Star
FMM seeks swift diplomatic and domestic interventions to counter US tariff impact
Federation of Malaysian Manufacturing (FMM) president Tan Sri Soh Thian Lai KUALA LUMPUR: The Federation of Malaysian Manufacturing (FMM) has called on the government to intensify its diplomatic and policy response following the United States' announcement of a 25 per cent blanket tariff on Malaysian exports. Its president, Tan Sri Soh Thian Lai, said these efforts must be escalated to secure an immediate deferral of the Aug 1, 2025, implementation and work toward a longer-term exemption or rollback. He said the newly announced 25 per cent blanket tariff, if implemented as scheduled, is expected to intensify these pressures across the board, particularly for companies operating on thin margins or bound by long-term supply contracts. "Malaysia's case must be urgently elevated at the highest levels of US policymaking, supported by strong data and strategic positioning that highlight our value to US supply chains. "At the same time, domestic countermeasures must be rolled out to support affected industries, including targeted financial relief, strengthened export promotion, and fast-tracked structural reforms to enhance cost efficiency and competitiveness," said Soh in a statement today. To support exporters in weathering current shocks and repositioning for growth, he recommended enhancing export facilitation by increasing the Market Development Grant ceiling, removing the Malaysia External Trade Development Corporation (MATRADE) administrative fees for trade missions led by associations, and providing targeted incentives for branding, certification, and digital market access. Soh noted that Malaysia must drive productivity-led growth by accelerating Industry 4.0 adoption through tax incentives, digitalisation grants for small and medium entrepreneurs (SMEs), and low-interest financing for technology upgrades. "These incentives must be backed by workforce upskilling programmes and inclusive access to government support funds, ensuring all firms can participate in the transition. "In addition, foreign worker levy collections should be redirected into dedicated funds to support apprenticeship schemes and high-tech investment," he said. Soh highlighted that Malaysia should lead efforts under its ASEAN chairmanship to establish a regional ASEAN Supply Chain Coordination Council. He said that this will ensure cohesive regional responses to global trade shocks, reduce overreliance on external supply chains and enhance intra-ASEAN production linkages, policy alignment, and supply chain resilience. "At the strategic level, Malaysia must actively expand its trade architecture by accelerating the conclusion of the Malaysia-European Union Free Trade Agreement and intensifying negotiations with new and emerging markets, including in Africa, Latin America, and the Middle East. "A broader and more diversified trade base is essential to reduce reliance on any single export destination and reinforce Malaysia's global competitiveness amid continued external shocks," Soh emphasised. The federation also urges the government to review and reform the Sales and Service Tax (SST) structure by introducing a business-to-business (B2B) service tax exemption for licensed manufacturers, automatically applied upon provision of a valid sales tax licence number. He said the long-term solution must be the creation of a tax framework that fully removes the tax-on-tax element and restores neutrality across the manufacturing supply chain. - Bernama
Malaysia Sun
an hour ago
- Malaysia Sun
BRICS moves to expand Global South cooperation for inclusive, sustainable global governance
At the 17th BRICS Summit, leaders emphasized strengthening multilateralism, reforming global governance, and empowering the Global South through deeper cooperation, expanded membership, and opposition to unilateralism and protectionism. RIO DE JANEIRO, July 8 (Xinhua) -- Leaders of BRICS countries, gathering here on Sunday and Monday for the 17th BRICS Summit, reiterated their commitments to reforming and improving global governance by expanding Global South cooperation. The meeting adopted the Rio de Janeiro Declaration, which calls for strengthening multilateralism and reforming global governance, promoting peace, security and international stability, as well as deepening international economic, trade and financial cooperation. Addressing the summit's plenary session themed "Peace and Security and Reform of Global Governance" on Sunday, Chinese Premier Li Qiang called on BRICS countries to strive to become pioneers in advancing the reform of global governance, safeguard world peace and tranquility, and boost the peaceful settlement of disputes. In 2015, Chinese President Xi Jinping put forward the global governance vision of extensive consultation and joint contribution for shared benefit, offering China's solution to the global governance challenge. Ten years on, the vision has gained growing global influence as transformations unseen in a century are accelerating in the world. "The world has entered a new phase of major turbulent changes, and the international order is undergoing a significant reorganization. Following its expansion, the BRICS mechanism will unite efforts to promote common development, defend multilateralism and contribute more to building a more equitable global governance system," said Boris Guseletov, a senior researcher at the Institute of European Studies of the Russian Academy of Sciences. Li also called for commitment to building an open world economy and stressed the importance of opposing unilateralism and protectionism when addressing the plenary sessions. The Chinese premier noted that the current international economic and trade order, along with the multilateral trading system, is facing severe challenges, and the global economic recovery remains arduous. Greater BRICS cooperation must stay true to its founding purpose, meet the needs of the times, uphold and practice multilateralism, promote the establishment of an equitable and open international economic and trade order, pool efforts in the Global South, and make greater contributions to global stability and development, he said. Amid rising global trade tensions, the 17th BRICS Summit toughened the bloc's key role in promoting fairer economic practices, said Balew Demissie, a researcher with the Ethiopian Policy Studies Institute. BRICS offers a unified platform that supports multilateral trade, promotes intra-bloc commerce and facilitates the use of local currencies, thus reducing reliance on limited markets, he added. The leaders attending the plenary sessions agreed that the BRICS cooperation mechanism has been growing stronger and more representative, with its international influence rising steadily. It has provided an important platform for Global South countries to defend their right to development, uphold international fairness and justice, and participate in the reform of the global governance system, they said. "BRICS is increasingly shaping global debates on development, multipolar governance and security matters," said South African President Cyril Ramaphosa on Sunday. "With our broad geographical footprint and growing influence, BRICS is uniquely positioned to advocate for reform in global governance structures." Malaysian Prime Minister Anwar Ibrahim said in a statement that BRICS, which has emerged as a strong and principled force, represents an opportunity to shape a more balanced and just international order, noting that legacy international organizations need to be reformed to reflect the changing global realities and take into account the aspirations of developing nations. Furthermore, the expansion of BRICS symbolized a qualitative leap in its representativeness and influence. In January this year, Indonesia, the largest economy in the Association of Southeast Asian Nations (ASEAN), officially joined BRICS. By now, BRICS countries account for over half of the world's population, nearly 30 percent of global GDP, and more than 50 percent of global economic growth. This signifies a historic shift of the Global South power from the periphery to the center of the international arena. "If we want the international system to be more diverse, fair and democratic, it is important that the Global South has more power to act and have a voice," said Alessandra Scangarelli Brites, editor-in-chief of Brazil's Intertelas Magazine. "This does not mean fighting for power to have control over others, but to have equal action and to have its positions and interests heard and met in a space of greater equality, independence and respect for the sovereignty of countries," the editor-in-chief added. During talks with other leaders on the sidelines of the summit, the Chinese premier voiced China's readiness to push for a greater role of the Global South in improving global governance. When meeting with Brazilian President Luiz Inacio Lula da Silva a day before the summit, Li said China is willing to enhance communication and coordination with Brazil within multilateral frameworks such as the United Nations, BRICS and the G20, work in unity with developing countries to promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, and provide more certainty and stability for the world. In his meeting with Ethiopian Prime Minister Abiy Ahmed, Li noted that both China and Ethiopia are important Global South countries, and China will join hands with Ethiopia to strengthen communication and coordination within multilateral frameworks, boost concerted efforts by all parties to practice true multilateralism, firmly safeguard economic globalization and free trade, and inject more stability and positive energy into the world. After the plenary sessions, Li met with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala and said China will, as always, continue to practice and safeguard multilateralism and free trade, actively support the reform and development of the WTO to restore its authority, accelerate the improvement of trade rules, and push for more concrete outcomes of the 14th WTO Ministerial Conference. "Instead of unilateralism and protectionism, the BRICS countries reaffirmed the importance of cooperation and an open economy so that all countries can achieve development and collective security," said Marcos Cordeiro Pires, a professor of political and economic sciences at the Faculty of Philosophy and Sciences of the Sao Paulo State University. BRICS countries are striving for new global governance and a global framework that is inclusive, representative and anchored in the principles of sovereignty, equality and peaceful coexistence. "The demand for new global governance is not a whim, but a process of historical reparation. The BRICS offers a platform for inclusive cooperation, removed from hegemony and closer to the principles of multipolarity," said Jhonathan Mattos, an associate professor at the Department of International Relations, Rio de Janeiro State University. "It's a model of multilateralism, multipolarity, regional integration and the identity of shared demands," Mattos said.
