Like ASEAN, BRICS Must Also Boost Intra-Member Trade – PM Anwar

Prime Minister Datuk Seri Anwar Ibrahim has called on BRICS member countries to enhance trade among themselves, mirroring ASEAN’s efforts to strengthen economic integration within the region.

Delivering his keynote address at the BRICS Business Forum in Rio de Janeiro on Saturday, Anwar said the time has come for the BRICS bloc to move beyond rhetoric and adopt concrete steps to promote multilateralism and economic sovereignty.

“We must speak not as weak former colonies, but as economically strong, free and sovereign nations. BRICS has the potential to transform human history — but only if we take decisive action,” he said.

Anwar highlighted that ASEAN’s experience in promoting intra-regional trade and engaging its private sector could serve as a model for BRICS. He noted that Malaysia, as part of ASEAN, has long advocated for unity and a shared voice in international affairs.

“One of ASEAN’s pillars is the business community. That’s why we’ve worked to grow intra-ASEAN trade — and now BRICS must do the same. With our combined strength, we can negotiate safely, fairly and equitably with global partners,” he said.

Push for Multilateral Reform

Anwar also used the forum to reiterate his call for reform of key global institutions, including the United Nations (UN), World Trade Organization (WTO), International Monetary Fund (IMF) and the World Bank, to make them more democratic and just.

“We must demand change in how international institutions operate. True multilateralism requires fairness, not dominance,” he asserted.

De-Dollarisation Efforts

Addressing the topic of de-dollarisation, Anwar acknowledged that while a full shift away from the US dollar will take time, regional efforts are already underway.

“We are not talking about complete de-dollarisation yet — that journey is long. But we’ve started. Malaysia is working with Indonesia, Thailand, and China to use local currencies in trade settlements,” he said.
“Even if we begin with just 10 or 20 percent, the impact is real.”

Anwar’s remarks came during his three-day official visit to Brazil, where Malaysia is participating in high-level discussions aimed at deepening ties with emerging economies and exploring new paths for South-South cooperation.

The BRICS bloc — consisting of Brazil, Russia, India, China, and South Africa — has in recent years expanded its outreach to other developing countries, amid growing calls for a more balanced global economic order.