KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim's upcoming meeting with Russian President Vladimir Putin could be a defining moment for Malaysia to establish its position in the international economy, as well as to explore more sustainable economic growth and development.
Malaysian Academy of SME and Entrepreneurship Development Academy coordinator (Student Entrepreneurship Centre), Dr Mohamad Idham Md Razak, said Malaysia's prospective membership in BRICS and its economic implications will likely be the centre of the discussions.
He said the opening meeting between Anwar and Russian Foreign Minister Sergey Lavrov last week revolved around the extent of the strategic importance that Russia would place on the engagement.
"Countries with open business attitudes that are generally inclined towards attaining international respect and admiration, will likely propose new trade diplomacy arrangements, new investment liberalisations and new technological and infrastructural prospects.
"Examples include increased market access for Malaysian exports in all BRICS countries, joint venture opportunities in the energy and technology industries, and Malaysian participation in and benefits from the BRICS economic frameworks," said the senior lecturer in economics at Universiti Teknologi Mara.
In terms of economic matters, Mohamad Idham said, Malaysia's membership of BRICS could offer huge opportunities for trade, investment and cooperation with some of the most dynamic and fastest-growing worldwide emerging economies, potentially enhancing Malaysia's economic growth path in the bargain.
Being part of BRICS would most likely enhance Malaysia's economic standing on the world stage, opening the doors to new frontiers for trade and economic partnership.
"This strategic manoeuvre may translate into economic growth, greater technological innovations and development, while allowing Malaysia to better compete as a strong and dynamic economic player in the international arena," he said.
Mohamad Idham, however, said the move to join BRICS also needs to be properly scrutinised, he said.
There are several caveats against entering into membership that require due consideration, he said.
"In this regard, aligning its economic policy with BRICS could put into jeopardy Malaysia's current trade relations and perhaps its diplomatic ties with Western nations shifting as they do within the backdrop of ongoing geopolitical cleavage and competing development models that pitch Western nations against the South."