AFTER Brazil, Russia, India and China joined forces in 2009 to create the bloc called BRIC, the centre of power for world trade and industry looked set to pivot.
South Africa joined a year later to complete the main line-up of BRICS.
BRICS challenged the global hegemony of the Group of Seven comprising the United States, United Kingdom, Canada, France, Germany, Italy and Japan, and to a certain extent, the European Union.
BRICS is growing in stature.
Brazil is an economic powerhouse in the Americas, Russia profits from its military might and massive oil reserves despite post-Ukrainian invasion sanctions, and India has surged to become the fifth largest global economy.
Based on its technological innovations, low-cost manufacturing and worldwide economic and political presence, China is suspected to be already the world's No. 1 economy.
But don't expect the Chinese or Americans to admit that. BRIC has since expanded to include Iran, Egypt, Ethiopia and the United Arab Emirates. The grouping is also mulling over a new reserve currency, backed by a basket of members' currencies.
This has the potential of swaying global trade away from the almighty US dollar, which controls 90 per cent of currency trading.
However, the US currency's dominion over the oil trade diminished in 2023: one-fifth of oil trades applied non-dollar currencies, a BRIC achievement.
It's economic Cold War in a sense between BRICS and the G7, just like the situation asserting the post-war era before 1991.
Malaysia, and possibly Thailand and Indonesia, has different ideas. We plan to join BRICS as a middle-power nation searching for levers against geopolitical uncertainties, mostly stemming from US-China tensions.
What are the tangible benefits once Malaysia is accepted as a BRICS nation?
New markets, increased trade and investment opportunities, enhanced global standing, access to resources, knowledge sharing and collaboration that reduce reliance on traditional markets and mitigate the impact of global economic downturns.
After Prime Minister Datuk Seri Anwar Ibrahim revealed Malaysia's plan to join BRICS, excitement abounded among economists, who see our competitive edge in palm oil, rubber and electronics exports benefiting from expanded market access to BRICS nations.
All Malaysia needs to do is reduce bureaucratic hurdles and promote digital trade, then we can play a more impactful role in global decision-making.
With this newfound leverage, Malaysia's geopolitical and economic vulnerability can be shielded, most crucially never to return to 1997, when international financiers battered our currency.