AS the chair of Asean next year, Malaysia will have a critical platform to amplify the voice of the Global South to advocate for a more equitable and balanced global system.
With Asean centrality at the heart of regional diplomacy, Malaysia can utilise its position to champion issues that resonate with developing nations: sustainability, narrowing the development gap and building a more inclusive global economy.
Asean's strength lies in its role as a pivot between global powers, and Malaysia, as chair, can reinforce this by aligning the bloc's priorities with those of the Global South while keeping Asean's centrality intact.
Malaysia's chairmanship comes at a time when BRICS — comprising Brazil, Russia, India, China and South Africa — continues to expand its influence.
Recent talk of BRICS enlargement reflect an effort to build a counterweight to Western-dominated institutions like the International Monetary Fund and World Bank.
This expansion aligns with Malaysia's position as part of the Global South, but it also raises questions about how Malaysia and Asean navigate their relationships with both emerging and established powers.
As BRICS grows, so too will its voice in shaping global trade and finance, and Malaysia, leading Asean, will need to balance engaging with this bloc without alienating Western partners.
However, the path towards de-dollarisation, which blockchain payments platform mBridge and BRICS expansion hint at, is fraught with challenges.
The United States dollar remains deeply entrenched as the world's reserve currency, and any effort to reduce reliance on it will face immense hurdles.
Even as nations explore digital currencies and alternatives, the trust, liquidity and stability offered by the US dollar are unmatched.
This makes de-dollarisation a slow, complex process that may not unfold as swiftly as some nations hope.
Malaysia, as part of the Global South, may be interested in diversifying currency risk and joining these conversations, but it will have to tread carefully given its own economic dependencies on Western markets. Adding to this dynamic is the geopolitical weight of the US itself.
Former US president Donald Trump, for example, threatened retaliation against nations that seek to undermine the dollar's supremacy, a posture that future US administrations could adopt as well.
For Malaysia, which values its strategic economic partnerships with both the West and East, the challenge will be to advocate for a multi-polar financial system while mitigating the risk of economic sanctions or backlash.
As Malaysia assumes Asean's chairmanship, it will be a key moment to advance the Global South's agenda in the evolving global landscape.
The Global South's influence is expected to grow, driven by demographic changes and economic development.
Yet, for Malaysia, leading this shift will require deft diplomacy — balancing Asean centrality with Global South ambitions, engaging with BRICS without provoking Western ire, and navigating the difficult waters of de-dollarisation.
If Malaysia can strike this balance, it could emerge not only as a regional leader but also as a critical voice shaping the global order in the decades ahead.
In terms of global influence, the Global South is on the rise.
Over the next few decades, countries in Asia, Africa and Latin America are set to become key drivers of global growth, buoyed by demographic shifts and a burgeoning middle class.
Malaysia, with its strategic location in Southeast Asia, could play a key role in shaping this trajectory, helping to forge alliances that reshape global governance, trade and finance.
Whether advocating for climate justice or leading on new technological frontiers, Malaysia could push the Global South to leapfrog traditional development pathways and carve out a stronger position in global forums.
But with this potential come real challenges. The Global South is anything but a cohesive bloc — different countries have different interests, and navigating these complexities will require deft diplomacy.
While Malaysia's ambitions in leading the Global South are clear, its ability to fully exert influence depends on managing its ties with the North. Many nations in the Global South, including Malaysia, remain economically intertwined with Western markets and investment flows.
There's also the ever-present spectre of climate change. Nations like Malaysia are vulnerable to environmental shocks and their ability to push for broader global reforms could be undermined by the economic fallout from climate disasters.
Nonetheless, if Malaysia can harness the energy of the Global South while maintaining its strategic ties with the West, it will be in a position to not only shape Asean's future but also influence the global agenda for years to come.
In a world where geopolitical realignments are reshuffling the deck, Malaysia's role in amplifying the voice of the Global South could be a game-changer.
With the Global South's influence set to increase, the next decade could see Malaysia and its fellow nations on the front lines of reshaping the rules of global engagement.
It's about finding the balance between opportunities and challenges, between advocating for equity and navigating economic dependencies.
And if Malaysia plays its cards right, it could emerge as a central player in a more inclusive, more dynamic global order.
The writer is an economist, adjunct lecturer at Universiti Teknologi Petronas, international relations analyst and a senior consultant with Global Asia Consulting.
He was also a senior researcher at the Malaysian Institute of Economic Research