Earlier today, PM Anwar announced that Malaysia will be joining BRICS, a group of emerging economies.

In an interview, he said that his government would soon begin the process of joining the bloc, once it receives feedback from South Africa.

“We have made our policy clear and we have made our decision. We will start the formal process soon. As far as the Global South is concerned, we are fully supportive.

“Last year Malaysia had the highest investment ever, but the currency was still attacked. Well, it has eased in the past few weeks. But it doesnt make sense, it goes against basic economic principles.

“Why? A currency that is completely outside the trade system of the two countries and is irrelevant in terms of economic activities in the country, has become dominant, purely because it is used as an international currency”, he said.

What is BRICS?

Created: 2006 by Brazil, Russia, India and China

Expansion: 2010, by South Africa, making it BRICS. Egypt, Ethiopia, Iran, Saudi Arabia and UAE have been invited to join.

Reason: It is to bring together the world’s most important developing countries, so that they challenge the political and economic power of the wealthier nations of North America and Western Europe.

How it runs: The group sets priorities and makes international decisions at an annual summit. Members take turns to serve as president for a year.

Why is it important?

It has major world powers like China and Russia, and countries that are influential like South Africa and Brazil. Together they will be able to argue against western nations that dominate important global bodies like the International Monetary Fund and the World Bank.

It will serve as greater voice and representation for emerging economies. This means, a much better state for Malaysians!