RIO DE JANEIRO: Malaysia PM Anwar has called on BRICS to boost intra-trade and for the grouping to emerge as a strong and principled force amid unilateral tariff measures and protectionist policies.

At the 17th BRICS Leaders' Summit in Rio De Janeiro, which runs from Sunday (Jul 6) to Monday, Anwar also said that Malaysian companies must be willing to explore new markets and trading opportunities overseas.

Anwar expressed confidence that BRICS, which today accounts for nearly 40 per cent of the global economy, holds vast potential to boost trade within the informal grouping.

“With that collective strength, we can engage the world safely, fairly, and justly, negotiating on equal terms with all partners in the multilateral system,” he said, as quoted by Malaysian news agency Bernama. 

He also emphasised the need for reform of key international institutions.

“We must demand the transformation of global governance structures, from the United Nations to the World Trade Organisation, the International Monetary Fund (IMF) and the World Bank towards a more democratic and just multilateral order,” he said.

Anwar was speaking at the BRICS Business Forum entitled: ‘Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress’ on Sunday.

Also present were President of Brazil Luiz Inácio Lula da Silva, Vice President of Brazil Geraldo Alckmin and President of the Brazilian Confederation of National Industry Ricardo Alban.

Anwar voiced his support for Lula, praising his courage as one of the few global leaders to speak on behalf of those who have been left unheard.

The Malaysian premier, who is also finance minister, said BRICS and ASEAN members must continue to strengthen strategic cooperation, including enhancing cross-regional trade and investment for the shared benefit of developing countries.

He added that Malaysia, as ASEAN Chair, shares BRICS' ideals of participation from the private sector, women, youth, and civil society.

Also at the summit, Anwar warned that Malaysian companies must not solely rely on traditional markets, but instead venture into new ones.

He said platforms like the BRICS offer enormous opportunities, and praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil.

Yinson, an independent owner and operator of floating, production, storage and offlo...