Anwar urges BRICS to act against unfair global trade practices

Malaysia's Prime Minister Anwar Ibrahim has called on the BRICS countries to take decisive action against unfair global trade practices and enhance collaboration among developing nations in technology, financing, and economic growth. At the 18th BRICS Summit in New Delhi, Anwar emphasized that BRICS offers substantial economic benefits due to its collective market strength, providing opportunities for trade diversification and reducing reliance on Western markets.

He stressed the need for joint efforts to eliminate unfair trading practices, share expertise, and boost technical cooperation, especially in emerging sectors like semiconductors and AI. Anwar cautioned that sustainable financing for developing countries should not force governments to prioritize debt servicing over basic needs of their citizens.

He highlighted the role of commercial capital when used responsibly and the potential of the New Development Bank, local currency settlements, and Islamic capital markets. Anwar also noted that countries will pursue distinct paths in the green transition, considering their unique circumstances and development stages. He connected economic prosperity to geopolitical stability, warning that conflicts like the one in West Asia could have far-reaching consequences, driving up energy prices and inflation, and threatening global trade routes.

Anwar, during his visit to New Delhi, emphasized that Malaysia aims to contribute to BRICS with strategic autonomy, advocating for the freedom to choose its course and the courage to uphold that decision. The BRICS grouping, initially formed by Brazil, Russia, India, China, and South Africa, now includes 10 members representing nearly half of the world's population and 40% of global economic output in purchasing power parity terms.