Brics leaders renewed their call for stronger cohesion, expanded trade, and greater use of local currencies as part of a broader push to enhance the Global South’s influence on the global stage. Speaking at the Brics Business Forum in Rio de Janeiro on Saturday, Malaysian Prime Minister Anwar Ibrahim urged emerging markets to speak with one voice and learn from the regional integration model of Southeast Asia to challenge Western dominance without isolating themselves from it.
Anwar emphasized that the bloc must present itself not as a coalition of former colonies, but as a group of confident, independent nations united by multilateral cooperation. He pointed to Malaysia’s experience within the Association of Southeast Asian Nations (Asean) as a successful example of economic and political collaboration that Brics could emulate. Malaysia currently holds the Asean chairmanship and has been a vocal proponent of deeper ties between Southeast Asia and the Brics group.
Brics, originally composed of Brazil, Russia, India, China, and South Africa, has expanded significantly, recently welcoming Malaysia, Thailand, and Vietnam as new partner countries. The bloc now represents nearly half of the global population and about a third of global GDP. Anwar highlighted Malaysia’s role as a bridge between Asean and Brics, calling for practical steps over political slogans in building a more equitable multipolar world.
The Malaysian leader also underscored the importance of local currency use in trade among developing countries, pointing to existing arrangements between Malaysia and its regional partners, including Indonesia, Thailand, and China. While he clarified that these moves were not aimed at de-dollarisation, he argued that even limited efforts to diversify currency use in trade could make a meaningful difference.
The Brics forum took place against the backdrop of ongoing trade tensions between Southeast Asian countries and the United States. Last week, Vietnam signed a trade deal with the Trump administration, while Malaysia and Thailand are still in negotiations ahead of a July 9 deadline for reciprocal tariffs. Trump’s latest tariffs include 24 percent and 36 percent levies on Malaysian and Thai goods, respectively.
Brazilian President Luiz Inacio Lula da Silva, who also addressed the forum, confirmed that he would attend the Asean summit in October at Malaysia’s invitation. He encouraged Brazilian businesses to strengthen ties with Southeast Asia and voiced support for continued expansion of Brics through partnerships with other developing countries. Lula said such collaborations offered valuable lessons in building economic synergy among emerging economies.
At the conclusion of the 10th annual meeting of the New Development Bank—often referred to as the Brics Bank—its president, Dilma Rousseff, announced that Colombia and Uzbekistan had been accepted as new members, following Algeria’s admission in May. These countries now have access to the bank’s credit lines and financing for infrastructure and development projects.
Rousseff said the bank’s mission was to help close the development gap between Brics countries and wealthier nations, particularly as the world enters a new industrial era defined by artificial intelligence, biotechnology, and advanced energy systems. She emphasized that the bank was built by and for the Global South, offering equitable partnerships without imposing the kinds of conditions often seen in Western-led lending institutions.
The bank’s decision-making model, Rousseff noted, is designed to ensure that no single country dominates and that all voices are heard. She reiterated that the institution does not impose policy conditions, such as mandating privatisation in exchange for funding. Rousseff also confirmed that plans are underway to establish a political risk insurance mechanism similar to the World Bank’s MIGA, which would lower the cost of loans for developing nations. More details on that initiative are expected at the Brics summit of heads of state and government on Sunday.
