Malaysia's decision to join BRICS as a partner country will enhance its role in South-South cooperation and bolster its influence in international, political and economic affairs, said Xu Qingqi, chairman of the New Asia Strategic Studies Center in Malaysia.
Malaysia and other eight countries officially became BRICS partners on January 1, 2025. The new "partner country" status was approved at the BRICS summit in October 2024, hosted by Russia in Kazan.
"Firstly, Malaysia joining BRICS as a partner country can reduce its reliance on Western, European and American countries. Second, it will increase the voice of Malaysia and other ASEAN countries in South-South cooperation and on the global stage. Currently, the world is facing the challenge of climate change. ASEAN countries are also confronting similar challenges. China has been doing well in terms of the demand for renewable energy and the pursuit of green development. So, cooperation with China can benefit Malaysia and ASEAN as a whole," Xu said.
The Regional Comprehensive Economic Partnership (RCEP) celebrated its third anniversary on Wednesday.
Xu said that the implementation of RCEP promotes trade and investment liberalization within the region and enhances trade facilitation, adding that as a member state, Malaysia has reaped significant benefits.
"Since the implementation of RCEP, Malaysia's exports to RCEP countries accounted for 29 percent of its total in 2024, which has provided significant benefits to the country. Additionally, RCEP acts as a stabilizer for the Malaysian economy, especially amidst the current unstable geopolitical environment, bringing substantial advantages to the country," he said.
Malaysia's BRICS membership to enhance regional, global influence: expert
Malaysia's BRICS membership to enhance regional, global influence: expert
U.S. stocks extended losses on Friday as an unexpectedly weak employment report and surging oil prices tied to the ongoing Middle East conflict heavily weighed on investor sentiment.
The Dow Jones Industrial Average fell 0.95 percent to 47,501.55. The S and P 500 sank 1.33 percent to 6,740.02. The Nasdaq Composite Index shed 1.59 percent to 22,387.68.
Nine of the 11 primary S and P 500 sectors ended in the red. The consumer discretionary and materials sectors led the laggards, dropping 1.96 percent and 1.89 percent, respectively. Consumer staples and energy managed slight gains, advancing 0.29 percent and 0.13 percent, respectively.
The February jobs report dealt a blow to market confidence, revealing that non-farm payrolls unexpectedly contracted by 92,000, widely missing market expectations of a 55,000-job addition. Consequently, the national unemployment rate rose to 4.4 percent.
While the weak data quashed notions of a stabilizing labor market, analysts suggested the Federal Reserve is unlikely to cut interest rates this month because the energy price shock poses a significant risk of reigniting inflation.
San Francisco Federal Reserve President Mary Daly noted in a media interview that the report commands attention, acknowledging that the labor market may be weaker than previously observed.
Global oil prices surpassed 90 U.S. dollars per barrel on Friday. Tanker traffic in the critical Strait of Hormuz has slowed to a near-standstill, raising concerns that Gulf exporters may soon be forced to halt production due to depleted storage capacity.
The broader market sell-off dragged down major technology shares, with the "Magnificent Seven" closing mostly lower. In earnings news, Marvell Technology soared 18.35 percent to pace the Nasdaq, while Gap dropped 14.41 percent.
Financial equities also faced pressure with BlackRock down 7.17 percent, marking its worst trading session since April 4. The steep decline followed the investment management firm's unprecedented decision to cap client withdrawals from one of its private credit funds, signaling potential growing stress within the broader credit markets.
U.S. stocks drop amid weak jobs data
