Trump warned any country that aligns itself 'with anti-American policies' of BRICS economic bloc will face additional 10% tariff
Malaysia Tuesday reaffirmed its commitment to strengthening cooperation in economics, trade and investment with BRICS countries, especially with the great potential of artificial intelligence (AI) which needs to be harnessed for inclusive development.
This came after US President Donald Trump warned late Sunday that any country that aligns itself "with the anti-American policies” of the BRICS economic bloc will face an additional 10% tariff.
“With Asean's digital economy expected to reach US$2 trillion (US$1=RM4.231) by 2030, this is a golden opportunity that we cannot afford to waste,” Investment, Trade and Industry Minister Zafrul Abdul Aziz said.
Zafrul said that Kuala Lumpur would continue to facilitate and support local companies to continue to boldly explore new markets, state-run Bernama news agency reported.
"Malaysia's commitment is to strengthen a rules-based and inclusive trading system," he said.
“Together, we build a more just and progressive global economic future,” the minister added.
Zafrul was among the members of the delegation led by Prime Minister Anwar Ibrahim to the 17th BRICS Leaders' Summit in Brazil.
BRICS members have discussed shifting from the dollar in recent years, with discussions intensifying after the US imposed sanctions on Russia in 2022 following the start of its “special military operation” in Ukraine.
The alliance was formed in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010. Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran later joined, expanding the group to 11 members, alongside 10 strategic partner countries.
The grouping aims to create alternative financial mechanisms, reduce dollar dependency, and increase Global South representation in international institutions, challenging Western-led governance structures.
