BRICS ties driven by trade, not politics, says Miti after Trump tariff threat
KUALA LUMPUR (July 7): Malaysia’s involvement in international groups like BRICS is based on trade and development goals, not political alignment, the Ministry of Investment, Trade and Industry (Miti) said after Trump threatened an additional 10% tariff on countries linked to BRICS.
BRICS now has 11 member countries, including Brazil, Russia, India, China, South Africa and others. Another 10 countries, like Malaysia, are BRICS partner countries. This status lets them take part in BRICS initiatives without becoming full members. Malaysia became a partner in October 2024.
Trump’s comments came as the economic bloc’s leaders held a summit in Brazil, and the US’ July 9 tariff deadline looms.
In response to Trump’s statement, Miti said Malaysia maintains an independent foreign and economic policy.
“Our engagement with any multilateral platform is focused on trade facilitation and sustainable development, guided by national interest, not ideological alignment,” the ministry told The Edge.
It reiterated that the US remains one of Malaysia’s key economic partners, not only via trade but also through multi-billion dollar American investments that have been established in Malaysia over the past half century.
Back in April, Trump imposed a blanket 10% import tariff coupled with extra tariffs on countries with large trade surpluses with the US.
The extra tariffs, dubbed ‘reciprocal’ tariffs, were subsequently put under a three-month pause, which nations took as an opportunity to negotiate for a lower levy.
Malaysia, which faces a 24% reciprocal tariff, began negotiations with the US back in May, led by Miti deputy secretary general (trade) Mastura Ahmad Mustafa. It is understood that talks are still ongoing.
Back in June 22, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said negotiations had made good progress and that both parties expressed intentions to finalise negotiations before expiry of the 90-day pause.
Last Friday, Trump shared the White House’s plan to begin notifying 10 to 12 undisclosed countries of their new tariffs, floating a range of 10% to 70%, to take effect on August 1.
Over the weekend, it was reported that BRICS leaders voiced "serious concerns about the rise of unilateral tariff" measures that risk hurting the global economy.
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