Foreign Minister Datuk Seri Mohamad Hasan announced Malaysia's plan to increase the use of local currencies in international trade to reduce reliance on third-party currencies and support regional economic cooperation. He also highlighted the country's participation in Brics, which could enhance its position in global economic competition, as well as its role in promoting regional economic issues. Strengthening governance and investor confidence in the country are key objectives, given Malaysia's preference for trade using its own currencies and through its respective central banks.
Foreign Minister Datuk Seri Mohamad Hasan said Malaysia is expanding the use of local currencies in trade with neighbouring countries to reduce reliance on third-party currencies , and Malaysia's participation in Brics has the potential to strengthen the country's position in global economic competition as well as reduce dependence on traditional financial systems dominated by major powers.
Additionally, Malaysia is now strengthening the use of local currencies in trade with Asean members to reduce reliance on third-party currencies, with efforts to boost trade among member countries and reinforce respective currencies through regional economic cooperation. Malaysia can play an important role in Brics due to its position as an Asean member and an active trading nation, leveraging the principles of multilateralism shared by Brics and Asean to strengthen governance and enhance investor confidence in the country
Local Currency Reliance On Third-Party Currencies Regional Economic Cooperation Brics Multilateralism Global Economic Competition Rantau Rembau Sri Sendayan Asean Members First Quarter Of The Year
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