KUALA LUMPUR: The initiatives on Malaysia's prospective membership in BRICS (Brazil, Russia, India, China, and South Africa) were far from solely driven by China, says experts.
Former International Trade and Industry Deputy Minister Dr Ong Kian Ming said it is important to view joining BRICS as part of a broader strategic narrative.
"Let's say, we were to enter BRICS and become part of the ecosystem, it could not have been only about China.
"It had to be part of a larger narrative where our strategic interests were upheld," he said in an exclusive interview with the New Straits Times' Beyond the Headlines.
Ong said instead of focusing solely on China, the country should have been part of a broader strategy aligning with its strategic interests and involving discussions with other major countries.
"We saw our interests with these large countries, and I think Prime Minister Anwar Ibrahim tried to do that a little bit.
"This was when he emphasised that he had communicated with Brazil and Brazilian President in terms of his interest in applying to join BRICS, because Brazil was hosting BRICS," he said.
Previously, Anwar said Malaysia would start the formal procedures soon and had been working closely with President Lula (Brazilian President Luiz Inácio Lula da Silva) to join the intergovernmental BRICS coalition.
Meanwhile, Malaysian Institute of Economic Research (MIER) head of research and senior research fellow, Dr Shankaran Nambiar, said it was important to reinforce the idea that BRICS should not be seen as a China-centric initiative.
"There is a tendency to confine it and to portray it as entirely a China initiative. I don't think that's very accurate.
"On the one hand, you have Russia and India, with India having disagreements with China on certain issues, agreements on others, and engaging in significant trade with China.
"So I think there are other issues that bind these countries together," he said.
Nambiar said it was also important for the country to focus on issues like de-dollarisation, considering the decrease in the US dollar's dominance from 70 percent of currency reserves in 2000 to around 59 percent now.
Previously, Nambiar said that Prime Minister Datuk Seri Anwar Ibrahim spoke about de-dollarisation and the need to establish an Asian Monetary Fund.
On June 18, it was reported that Malaysia is preparing to join the intergovernmental BRICS coalition soon.
Since its inception in 2006, BRICS has undergone two phases of expansion.
In 2011, South Africa joined the original members: Brazil, Russia, India, and China.
In August 2023, the group extended invitations to six new members, including Argentina.
However, the country reversed its decision in late December of the same year.
In January this year, four new members, Egypt, Ethiopia, Iran, and the United Arab Emirates, formally became part of the group.