Asean Trying To Avoid Using Us Dollar In Trade Says Anwar

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 The prime minister tells a BRICS forum it’s ‘still a long way to go’ on de-dollarisation, but ‘at least we’re trying’.
Prime Minister Anwar Ibrahim speaking at a BRICS forum in Rio de Janeiro, Brazil, today. (Bernama pic)KUALA LUMPUR: Asean has increased the use of local currencies in trade as a concrete way toward a more stable financial system free of unilateral domination, Prime Minister Anwar Ibrahim said today
Speaking at a forum of the BRICS grouping of developing economies, he said: “Of course, we are not talking about de-dollarisation yet, that’s still a long way to go. But at least we are trying. Malaysia, together with Indonesia, Thailand, and China, we are beginning to use our currencies, even if it starts with just 10% or 20% of the trade volume.”
“It makes a difference because we cannot keep complaining without executing our plans, both among ourselves and with our friendly neighbours,” he said at a business forum in Rio De Janeiro, Brazil, where he is attending a summit meeting of the BRICS grouping of developing economies.
“I believe that this attempt by BRICS will be of some significant success that would alter and cause a change in the course of the history of mankind. We often discuss similar issues within Asean. We must be cohesive and speak as one based on multilateral arrangements,” said Anwar.
The prime minister said members of BRICS and Asean must continue to strengthen strategic cooperation, including enhancing cross-regional trade and investment for the shared benefit of developing countries.
Anwar said emerging economies are gaining strength in areas such as aviation, technology, artificial intelligence and food innovation.
The prime minister also called for an increase in trade among BRICS members and for the grouping to emerge as a strong and principled force in shaping a more balanced and just international order.
Lamenting unilateral tariff measures and protectionist policies, Anwar expressed confidence that BRICS, whose members today account for nearly 40% of the global economy, holds vast potential to boost trade within the informal grouping. “With that collective strength, we can engage the world safely, fairly, and justly, negotiating on equal terms with all partners in the multilateral system,” he said.
He further emphasised the need for reform of international institutions, from the United Nations to the World Trade Organisation, the International Monetary Fund and the World Bank, “towards a more democratic and just multilateral order”.
Anwar said developing countries should no longer be regarded as peripheral players in the global system.
“We are not merely heirs of post-colonial history. We have now risen as a dignified force with our strengths in technology, trade, leadership, and the moral voice of the world,” he said.
The BRICS group was initially established by Brazil, Russia, India and China, and later expanded to include South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia.
Malaysia, Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Thailand, Vietnam, Uganda, and Uzbekistan have now been accepted as BRICS partner countries. - FMT

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