Malaysia is hoping to enhance opportunities for economic cooperation through the BRICS intergovernmental organisation as an alternative to relying on traditional markets.

This is according to the Ministry of Investment, Trade and Industry (MITI) on Thursday.

BRICS includes Brazil, Russia, India, China, South Africa, along with its four newest members: Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).

MITI noted that traditional markets like the United States and Europe have been increasingly implementing new unilateral trade policies and rules, which pose challenges for developing countries like Malaysia to comply with.

The ministry acknowledged that relying on traditional markets poses long-term risks to developing economies, The Malaysian Reserve reports.

Consequently, the ministry said that to achieve its goal of building a sustainable economy, Malaysia must bolster economic collaboration with current trade partners, access new high-impact markets, and foster economic cooperation with non-traditional trading partners.

“However, the government will always ensure its neutral and non-aligned policy with any economic power is not jeopardised, and good investment and trade relations with traditional trade partners such as the US, European Union, and the United Kingdom will be continued,” the ministry said in a reply on the Parliament’s website on Wednesday.

MITI's response was to Datuk Seri Hamzah Zainudin's query regarding Malaysia's position on BRICS as a means to decrease reliance on the US and European markets.

Last month Prime Minister Datuk Seri Anwar Ibrahim revealed Malaysia's intention to join BRICS in an interview with the Chinese media outlet Guancha.

“With a cumulative population of 3.54 billion and a vast reserve of raw materials, as well as an economy totalling US$26.6 trillion (RM1 = US$4.67) or 26.2% of global gross domestic product, the BRICS economic block is a new mega-market that needs to be penetrated to develop and improve Malaysia’s economy,” MITI went on to say.