Malaysia, which controls 25% of the world’s sea route trade via the Strait of Malacca, announced it is joining BRICS
In an interview with Chinese media outlet Guancha, Malaysian Prime Minister Anwar Ibrahim revealed that his country is preparing to join the BRICS (Brazil, Russia, India, China, and South Africa) alliance of emerging economies.
Last year, BRICS decided to expand its membership ranks to challenge the current Western-led world order, which has become an overflowing cesspool of filth and corruption. Saudi Arabia, Iran, Egypt, Argentina and the United Arab Emirates (UAE) are all joining BRICS, as is Malaysia – and some 40 more countries want to join as well.
“We have made a decision,” Anwar said. “We will be placing the formal procedures soon, we are just waiting for the final results from the government in South Africa.”
Anwar’s comments came just ahead of a three-day visit by Chinese Premier Li Qiang as part of a celebratory event marking the 50th year of diplomatic relations between Malaysia and China.
Reuters received confirmation as to the authenticity of Malaysia’s plans to join BRICS via a representative from Anwar’s office, which provided no additional details as to the country’s application process.
Strategic geography a win-win for Malaysians and BRICS
It turns out that Malaysia is a vitally important country in the global scheme of elements pertaining to trade. It controls upwards of 25% of the world’s sea route trade via the Strait of Malacca (SoM).
Put differently, 25% of the world’s sea route trade passes through the Strait of Malacca, which is controlled by Malaysia.
Singapore, Malaysia and Indonesia together border the Strait, one of the most important aspects of which is the fact that it is one of the quickest routes connecting the Indian Ocean with the Pacific Ocean.
“This makes the Strait particularly important for both the United States and China in the realm of international commerce,” explains cimsec.org. “According to a 2016 report by the Center for Strategic and International Studies, roughly $874 billion in exports from mainland China passed through the South China Sea, a body of water that is linked to the Indian Ocean primarily by the SoM.”
“This dwarfs the same figure for the United States, which stood at $83 Billion. Despite this, prominent U.S. allies had high export values as well, such as South Korea ($249 Billion), Japan ($141 Billion), and Germany ($117 Billion). Additionally, it should be noted that not all exports sent through the South China Sea will go through the SoM. Due to its importance, the SoM has become a source of contention not only under the purview of economics, but security as well.”
One by one, the world’s producing countries are joining BRICS while the mostly non-producing, overindulgent, corrupted West loses dominant status at increasing speed. What will be the straw that finally breaks the camel’s back?
Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid says that the benefits to the Malaysian people of their country joining BRICS will be enormous.
“It will effectively insulate the country and the region from the changes in the United States’ monetary policy and currency volatility, potentially improving predictability in the currency market and lowering transaction costs for exporters and importers,” he is quoted as saying.
Thailand is another nearby country that also wants to join BRICS, recognizing that the Western-controlled world order is collapsing.
“Joining BRICS will enable member countries to align their positions on issues such as infrastructure development (following the Belt and Road Initiative model), economic policies as well as climate policies,” says Mohd Sedek Jantan, a fellow of the Asian Financial Cooperation Association Think Tank.
yogaesoteric
June 24, 2024