In a world increasingly defined by shifting alliances and economic power plays, the BRICS bloc—once seen as a loose coalition of emerging economies—is now making headlines as a formidable force on the global stage. The latest chapter in this evolving story unfolded in Kuala Lumpur on October 29, 2025, when Brazilian President Luiz Inacio Lula da Silva threw his country’s weight behind Malaysia’s bid to become a full member of BRICS. This endorsement, coming hot on the heels of similar support from China and South Africa at the 47th ASEAN Summit, signals not only Malaysia’s rising diplomatic profile but also the expanding ambitions of BRICS itself, according to Bernama.
The acronym BRICS stands for Brazil, Russia, India, China, and South Africa—a club that has, in recent years, welcomed new members like Egypt, Iran, and the United Arab Emirates. The group’s growing ranks and influence reflect a broader trend: the emergence of a multipolar world where economic and political power is no longer concentrated in the hands of the West. For Malaysia, currently a partner country, full membership could open doors to new markets, investment flows, and a louder voice in shaping the global economic order.
“By engaging BRICS, Malaysia can tap into the growing demand from BRICS economies and attract potential investment flows from member countries,” said Dr. Anthony Dass, senior economic adviser at KSI Research and Advisory Services, in an interview with Bernama. He highlighted the potential for expanded access to key markets and increased investment in sectors such as manufacturing and infrastructure. Malaysia’s strategic location in Southeast Asia, its established manufacturing and export base, and its reputation for neutrality make it an attractive partner for BRICS countries seeking deeper Asian trade and investment ties.
This sentiment was echoed by Russia’s Deputy Prime Minister Alexey Overchuk, who stated that Malaysia “meets the criteria to become a full member of the BRICS bloc.” Overchuk noted that the group’s members have been actively discussing Malaysia’s intention to join, believing that the nation’s policies and outlook are well aligned with BRICS’ core values and objectives.
But what does BRICS membership really mean in today’s world? According to a recent analysis by CounterCurrents and data from the New Development Bank (NDB), headquartered in Shanghai, BRICS is no longer just a trading bloc. The Cross-Border Interbank Payments System (CIPS), launched by China in 2015, now connects financial institutions in 185 countries, allowing global trade in Chinese yuan without touching the U.S. dollar. This “de-dollarisation” movement is seen not as an act of rebellion, but as self-defense against the weaponization of the global financial order by the United States, which has long used the dollar’s dominance to sanction and pressure countries in the Global South.
The NDB further institutionalizes this autonomy by financing infrastructure and development projects without the political strings often attached to Western lending. As stated in its 2024 annual report, the NDB enables nations to “borrow and build without being lectured on governance or ideology.” This approach is attractive to countries like Malaysia, which seek development partnerships that respect their sovereignty and priorities.
BRICS’ guiding principle is multipolarity—the belief that no single nation should dominate the world’s political and economic life. The bloc’s expansion into West Asia and Africa, including the admission of oil powers like Saudi Arabia and Iran, signals a profound geopolitical shift. For the West, this development is unsettling, as the G7 is no longer the only table that matters. For the Global South, it is liberating—a chance to redefine development, democracy, and sovereignty on their own terms.
Malaysia’s export sector, especially in electronics components, palm oil, rubber, and other commodities, stands to benefit from access to BRICS markets. At the same time, the country could reduce its reliance on traditional buyers and diversify its economic partnerships. In 2022, intra-BRICS trade reportedly exceeded US$600 billion, with members increasingly using their own currencies instead of the U.S. dollar. However, as Dr. Dass pointed out, “there is no full, formalized BRICS-wide trade or investment treaty, or a common customs and investment regime that entirely removes U.S. or Western financial system linkages.” He added, “There is discussion of alternative payment systems, but the implementation is still weak, and the U.S. (and allied systems) still hold dominant roles in global finance, payments, trade settlement, and reserve currencies.”
So, while BRICS can reduce dependence on the dollar over time, a complete break from Western-dominated systems remains a distant goal. Still, the bloc offers an alternative channel that could help countries like Malaysia mitigate risks from U.S. tariffs and trade pressures. “But it is not a silver bullet or quick fix,” Dr. Dass cautioned.
The question of leadership and unity within BRICS was the focus of a recent panel at Chatham House in London, where Roberta Braga, Executive Director of the Digital Democracy Institute of the Americas (DDIA), joined other experts to discuss Brazil’s potential role in strengthening the bloc. The event, titled “Can Brazil Lead the BRICS to Counter Trump?” examined how BRICS countries are responding to renewed protectionist policies under President Trump’s America First agenda and explored the unity and coherence of the bloc amid growing global polarization.
The panel, which included academics and policymakers, considered whether Brazil’s diplomacy could help BRICS navigate internal rivalries—such as China’s dominance and India’s cautious approach—while countering U.S. trade and tariff policies. The consensus was that Brazil, with its tradition of diplomatic engagement and commitment to multilateralism, could play a pivotal role in shaping the future of BRICS cooperation and influence.
Looking ahead, analysts see three possible scenarios for BRICS over the next decade. The best-case scenario is the rise of equitable multipolarity, with BRICS institutionalizing financial cooperation, expanding CIPS, and strengthening the NDB. This would reduce global trade’s dependence on the dollar and give regional powers like India, Brazil, and South Africa a greater voice in shaping global climate and development policy. The middle path envisions parallel systems and uneasy coexistence, with BRICS building a robust but fragmented alternative to Western-led finance. The worst-case scenario is fragmentation and financial warfare, with rival payment systems and escalating sanctions leading to volatility and reduced access to global finance for smaller economies.
India, in particular, faces a delicate balancing act. As a major economy within BRICS, it gains access to alternative finance and markets, but must ensure the bloc remains truly multilateral rather than becoming a Chinese sphere of influence. India’s ability to bridge worlds—deepening cooperation within BRICS without alienating Western partners—may define its future global stature.
Ultimately, the expansion of BRICS and the potential admission of countries like Malaysia represent more than just economic diversification. They are part of a broader movement to reclaim agency and dignity for nations that have long operated on the margins of global power. Whether BRICS fulfills its promise of fairness, transparency, and justice—or simply recreates old hierarchies under new banners—remains to be seen. But for now, the world is witnessing the return of history itself, as countries large and small seek a seat at the table and a voice in the design of their own futures.
