Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz says discussions regarding Malaysia's potential membership in the BRICS intergovernmental is currently led by the Foreign Ministry as the pact is not an economic bloc per se like other economic pacts joined by Malaysia.
Read more at https://tinyurl.com/4x5629uy
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Read more at https://tinyurl.com/4x5629uy
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Category
🗞
NewsTranscript
00:00What is the update of BRICS currently and how long is the process for us to be part of the BRICS?
00:07So on BRICS, because it is under the Ministry of Foreign Affairs, it is not an economic bloc per se.
00:16There is no trade agreement, there is no economic agreement like IPEF,
00:23there is no economic supply chain agreement, green agreement, etc.
00:28It is the same as CPTPP, the same as RCEP.
00:32But BRICS is more like a diplomatic grouping for now, we don't know in the future.
00:37If there is a plan for trade agreement or economic cooperation, then MITI will be involved.
00:48For all I know, the Ministry of Foreign Affairs has agreed to go ahead to start engaging BRICS.
00:58And I believe it has started to engage abroad.
01:01Because this year it is managed by Russia, next year it will be managed by Brazil.
01:06And there are some countries that have joined, like UAE, Iran.
01:12Thailand also wants to join. I think Egypt has also joined.
01:16So Thailand can express its position?
01:19At this stage, MITI will not be involved?
01:22At this stage, no. Because there is no trade agreement.
01:26But we don't lead it, so we are not led by MOFA.
01:31Usually all the other blocs we lead, except BRICS, because BRICS has no element.
01:36The element of economy is more indirect, small.
01:39So it is more political, diplomatic and security, I believe.
01:45But I think eventually, usually it can lead to economic cooperation.
01:49Because at the end of the day, it is trade and investment cooperation.
01:52That makes sense for it to be sustained.
01:56But for now, not yet.
01:59But we are in the team led by MOFA to look at this.
02:14For more UN videos visit www.un.org