Malaysia Joins BRICS and the De-Dollarization Movement
China is looking at BRICS expansion to strengthen the alliance and take on the US and other Western allies. The Communist country is eager to induct new countries that can push the de-dollarization agenda ahead. This helps China counter the US on the global stage and bring its own policies for trade and commerce.
The ultimate goal of BRICS is to bring the US dollar down from the world’s reserve currency and replace it with local currencies. Malaysia had recently submitted its application to join BRICS and both China and Russia were eager to approve it.
China Approves Malaysia To Become a BRICS Member
BRICS member China supports Malaysia’s induction into the alliance. The Chinese Foreign Ministry Spokesperson Lin Jian said that the country is willing to accept Malaysia’s application to join the bloc.
“China welcomes the participation of a bigger number of partners in cooperation within BRICS so that we could act together to encourage the development of a fairer and more reasonable international order,” said Lin Jian referring to Malaysia’s application.
However, the BRICS expansion is consensus-based and the other members have to vote on Malaysia’s induction. Malaysia won’t be a part of the bloc if it receives China and Russia’s support only. Every other member has to agree on Malaysia’s induction for the country to be officially invited to join BRICS.
Recent reports indicate that India is unhappy with the idea of BRICS expansion in 2024. The Modi government wants to pause inducting new countries for another five years. India wants to set a clear set of rules and policies for the next five years and not blindly accept new countries. On the other hand, China and Russia want the opposite.
This article originally appeared on Watcher Guru.
