Malaysia Expands Economic Cooperation, Reduces Dependence On Single Market -- MITI

KUALA LUMPUR, March 5 (Bernama) – The government will continue to strengthen economic ties and diversify markets with key countries, including BRICS nations, in addition to expanding cooperation with countries in Asia, the Middle East, the European Union (EU), and other regions to reduce dependence on a single market.

The government will, therefore, continue to defend Malaysia’s position as a country with an open economy, said the Investment, Trade and Industry Ministry (MITI) in a written response on Parliament’s website this evening in response to Ramkarpal Singh (PH-Bukit Gelugor) on Malaysia's membership status in the grouping following United States President Donald Trump’s intention to impose a 150 per cent tariff on BRICS member countries if they attempt to replace the greenback with another currency in international trade transactions.

“Although technically, this threat is not directly aimed at Malaysia, we will continue to ensure that Malaysia's trade interests are protected and (we are) not squeezed between the major global powers,” it said.

MITI said strategic measures would be taken to balance the country’s interests with the new US administration's approach, while seizing opportunities to strengthen bilateral ties and existing US cooperation.

For the record, Malaysia is not a full BRICS member. It was designated a partner country since Jan 1, 2025. Other partner countries include Belarus, Bolivia, Cuba, Kazakhstan, Thailand, Uganda and Uzbekistan.

-- BERNAMA