Malaysia's Investment, Trade, and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, has clarified that BRICS member countries have not reached an official agreement on reducing the use of the US dollar in trade. This follows recent concerns raised by US President-elect Donald Trump about imposing high tariffs on BRICS nations if they attempt to adopt a new currency.
: There has been no official proposal agreed upon by BRICS member countries regarding de-dollarisation in trade matters, said Investment, Trade, and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz.
“Although one of the topics that were discussed during BRICS meetings in the past was related to reducing dependence on traditional trade currencies such as the US dollar, there has been no official proposal agreed upon for de-dollarisation as of now,” said Tengku Zafrul during the Minister’s Question Time session in the Dewan Rakyat today.
Tengku Zafrul said that Malaysia views BRICS as an increasingly important platform for presenting views and positions on regional economic issues through dialogue, forums, or discussions that are non-binding. This complementary trade relationship can be seen in current statistics, where in 2023, the US was Malaysia’s third-largest trading partner, while Malaysia was the 19th-largest trading partner of the US.
BRICS De-Dollarisation Tengku Zafrul Abdul Aziz US Dollar Donald Trump
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