BUKIT MERTAJAM: Malaysia will soon begin the process of joining the intergovernmental organisation BRICS.
Prime Minister Datuk Seri Anwar Ibrahim said he had personally spoken to the Brazilian president (Luiz Inácio Lula da Silva) about the intention.
"The matter (on joining BRICS) has been brought to the Foreign Affairs Ministry for further study.
"And in principle, we have agreed to join BRICS," he told newsmen after attending a kenduri at Mengkuang Semarak here.
It was reported that Malaysia is set to commence formal procedures to join the intergovernmental organisation, composed mostly of emerging economies.
The group held its first Summit in Russia in 2009, with the host, Brazil, India and China as the founding members. The objective was to highlight investment opportunities in member countries.
As the group evolved, it has undergone two phases of expansion. In 2011, South Africa was formally accepted as a member and the group was renamed BRICS.
In August 2023, the group extended invitations to six potential countries, including Argentina. However, Argentina 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 — were formally admitted into the group, taking the total membership to nine countries.
BRICS countries are considered the foremost geopolitical rival to the G7 bloc.
It has competing financial and investment initiatives, such as the New Development Bank, the BRICS Contingent Reserve Arrangement, BRICS pay and the BRICS basket reserve currency.