KOTA BARU: The recognition of Malaysia as a BRICS partner country is expected to boost the rubber sector by enabling direct exports to Russia.
Malaysian Rubber Council chairman Datuk Seri Mohamad Suparadi Md Noor said the recognition also allowed Malaysia to receive payments directly in ringgit, adjusted to the latest exchange rate, whereas previously, Russia bought Malaysian rubber through China as an intermediary due to certain restrictions.
"Malaysia is so fortunate to have officially joined BRICS as one of its 13 partner countries.
"This follows Prime Minister Datuk Seri Anwar Ibrahim's visit to Russia, enabling us to gain flexibility and receive direct payments," Suparadi said at the "Jalinan Mesra" dinner with the media here last night.
Suparadi, who is Kelantan PKR leadership council chairman, said this was a new development for Malaysia, which had long been constrained by the policies of the United States and Europe.
"But now we have flexibility. I will meet with industry players to discuss rubber exports to Russia.
"The discussion will be held tomorrow."
According to a recent post from @BRICSInfo on X, Malaysia joins 12 other partner countries that collectively account for 20 per cent of global trade. Other partners include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Nigeria, Thailand, Turkiye, Uganda, Uzbekistan and Vietnam.
On July 28, the prime minister confirmed that Malaysia had applied to Russia for BRICS membership
Currently chaired by Russia, BRICS includes founding members Brazil, India and China.
Established in 2009 to foster cooperation among emerging economies, the bloc welcomed South Africa in 2010 and has since expanded to include Iran, Egypt, Ethiopia and the United Arab Emirates.
BRICS represents about 40 per cent of the world's population and has a combined gross domestic product of US$26.6 trillion, or 26.2 per cent of global GDP, nearly matching the economic weight of the Group of Seven (G7) countries.
The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, representing the world's advanced economies.