KUALA LUMPUR: Joining Brics acts as a hedging mechanism for member countries, says Prof. Dr Kuik Cheng-Chwee of Universiti Kebangsaan Malaysia
"It is certainly not about balancing but it has a lot to do with the hedging mechanism. The hedging mindset in the sense that we do not want to put all eggs in one basket," he said.
He added this is partly due to the lack of a straightforward ally or partner that countries can rely on.
"When things become uncertain and risky, you have more reasons to have an additional mechanism. Hedging is about reducing risk, not increasing risk," he said.
Prof Kuik added this during the Asean in the Age of Geopolitical Uncertainty panel discussion at the Asean Economic Opinion Leaders Conference: Outlook for 2025 on Wednesday (Jan 8).
He said Indonesia had a change in approach under President Prabowo Subianto’s administration by becoming a full member of the BRICS bloc of developing economies. This is despite former President Joko Widodo's hesitancy to join the bloc.
Kremlin aide Yury Ushakov said last month that Malaysia is among countries set to officially become Brics partners from Jan 1.
"On the eve of the summit in Kazan (held in October), we received 35 applications to join Brics on one condition or another," he said, as reported by Sputnik/RIA Novosti.
"One of the most important results of the summit was the establishment of the category of Brics partner countries and agreement on a list of 13 countries," he added.
Ushakov said Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Thailand, Malaysia, Uganda, and Uzbekistan have confirmed their readiness to become Brics partner states.
"We expect to receive responses in the near future from four other countries to which invitations have also been sent," he said during a briefing.
He added that more than 20 countries have shown interest in Brics, and the doors of the association remain open for like-minded nations.
In July, Prime Minister Datuk Seri Anwar Ibrahim confirmed that Malaysia had submitted an application to Russia to join Brics, which accounts for one-fifth of global trade.
He said Malaysia’s application to join Brics was strongly supported by its members, including Russia, China, and India.
