The Institute of Strategic Analysis and Policy Research or Insap has stated that the BRICS-Asean partnership contains immense potential that cannot be ignored and is a step in the right direction by Malaysia and Asean.

With about 45 percent of the global population living in BRICS and Asean nations, Insap stated the partnership is a timely move in a huge market that should contribute to global growth and economic resilience.

Insap added that BRICS’ influence is growing and the bloc contributes to about 37 percent of global Gross Domestic Product or GDP which is why Malaysia and other Asean countries have agreed to join forces with them.

With Asean’s nominal GDP last year positioning it as the fifth largest economy in the world and new members like Iran and the United Arab Emirates, BRICS would become a global commodity powerhouse supplying half of global oil production.

However, Insap also stated the BRICS-Asean partnership would face some stiff challenges such as the different economic structures within member countries and geopolitical complexities but its opportunities outweigh these challenges.

Despite these challenges, which can be overcome, it is important that the growing strength and influence of BRICS help break the traditional dominance of Western nations and reshape the global economic power.

-THE MALAYSIA VOICE