Malaysia-BRICS Trade Hits RM818 Billion in 2024, Signaling Strong Economic Ties

KUALA LUMPUR: Malaysia’s total trade with BRICS nations surged to RM818 billion in 2024, accounting for 35.2% of the country’s total global trade, according to the Ministry of Investment, Trade and Industry (MITI).

In a written response to Parliament, MITI also revealed that RM104.9 billion in investments from BRICS countries have been realized in Malaysia as of last year, highlighting the economic benefits of Malaysia’s growing engagement with the influential bloc.

Although Malaysia is not yet a full member of BRICS, it has held partner country status since January 1, 2025. MITI said this strategic alignment allows Malaysia to explore new market access, attract foreign direct investment, and better understand the broader implications of eventual full membership.

“Even without full membership, Malaysia has benefitted economically from ties with BRICS nations, many of which are longstanding trade and investment partners,” the ministry said.

The parliamentary response was directed to Ahmad Samsuri Mokhtar (PN–Kemaman), who had inquired about the tangible economic benefits of Malaysia’s cooperation with BRICS, particularly in the areas of sustainability and inclusive development.

MITI emphasized that Malaysia’s participation as a BRICS partner country reflects its commitment to multilateralism and inclusivity, echoing the principles of the group.

Prime Minister Datuk Seri Anwar Ibrahim also reiterated Malaysia’s intent to enhance global cooperation during his attendance at the 17th BRICS Leaders’ Summit held in Rio de Janeiro, Brazil, from July 6–7.

“Malaysia aims to strengthen regional supply chain integration, broaden market access, and open new investment avenues through BRICS engagement,” MITI added.

The ministry also underscored the value of strengthening cooperation between BRICS and ASEAN, citing mutual opportunities in trade, clean energy, emerging technologies, and sustainable development.

As the 2025 ASEAN Chair, Malaysia is leading several regional initiatives that align with BRICS objectives, including:

• ASEAN AI Malaysia Summit (Aug 11–13)

• Smart City Expo Kuala Lumpur (Sept 17)

• Development of the ASEAN AI Safety Network Declaration

These events are expected to feature participation from BRICS countries such as China, India, and Russia, all of whom are ASEAN Dialogue Partners.

“Such collaboration will reinforce both regions’ positions in addressing global challenges, strengthening economic resilience, and promoting a rules-based trading system,” MITI noted.

BRICS—originally comprising Brazil, Russia, India, China, and South Africa—has expanded in recent years to include Egypt, Ethiopia, Iran, Indonesia, and the UAE, forming a 10-member group of emerging economic powers.

As global economic and geopolitical dynamics shift, Malaysia’s deepening relationship with BRICS positions the country as a key bridge between Southeast Asia and the broader emerging markets landscape.