Leverage Local Currencies, Reduce Reliance on Western Markets – PM Anwar
NEW DELHI: BRICS countries should fully harness the bloc’s geoeconomic strengths by accelerating the use of local currencies to reduce excessive dependence on traditional Western markets.
Prime Minister Datuk Seri Anwar Ibrahim made the call while delivering Malaysia’s national statement during the plenary session of the 18th BRICS Leaders’ Summit at Bharat Mandapam here on Sunday.
According to Anwar, greater integration of BRICS’ vast markets could create crucial opportunities for trade diversification while strengthening the resilience of developing economies against external uncertainties.
He therefore called for initiatives through the New Development Bank (NDB) and local-currency settlement mechanisms to be implemented without delay.
“Financing must be aligned with real needs. Meeting basic needs and providing public infrastructure should not leave countries burdened with unsustainable debt.
“Commercial capital has an important role to play, provided it is mobilised sustainably, including through NDB initiatives, local-currency trade settlement mechanisms, as well as the considerable potential of Islamic capital markets,” he said.
Beyond financial instruments, Anwar stressed the need to reform unfair trade practices and intensify the sharing of expertise in advanced technologies such as semiconductors and artificial intelligence (AI) among developing nations.
Turning to regional geopolitical issues, Anwar said inclusive growth would remain difficult to achieve as long as armed conflicts continue to drive up energy prices and threaten global maritime routes.
He urged BRICS to take a firm stand against all forms of colonialism as well as what he described as illegal “settler terrorism” by the Israeli regime in West Asia, stressing that no human life should be valued less simply because of where a person lives.
Concluding his statement, Anwar reaffirmed that, as a BRICS Partner Country, Malaysia would continue to uphold the principle of strategic autonomy – the courage and freedom to determine its own path in the pursuit of global justice.
Astro Awani