One for the album: (Front row, starting third from left) Star Media Group (SMG) group chief executive officer Chan Seng Fatt, UOB Malaysia chief executive officer Ng Wei Wei, Deputy Investment, Trade and Industry Minister Liew Chin Tong, Asean Economic Community deputy secretary-general Satvinder Singh, Tengku Zafrul, Asean Business Advisory Council Malaysia chairman Tan Sri Nazir Razak, Philippines’ Undersecretary (Deputy Minister) for the Industry Development Group of the Department of Trade and Industry Ceferino S. Rodolfo, Centennial Asia Advisors founding director and chief executive officer Manu Bhaskaran, Boston Consulting Group managing director and partner Nurlin Salleh and SMG chief content officer Datin Paduka Esther Ng in a group shot with the participants of the Asean Economic Opinion Leaders Conference 2025 at Menara Miti in Kuala Lumpur. — IZZRAFIQ ALIAS/The Star
KUALA LUMPUR: The positive experience of South-East Asian countries under the Asean regional grouping over the past five decades can serve as an example of how economic blocs like BRICS can work, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pic).
The Investment, Trade and Industry Minister said some may argue that BRICS lacks the cohesion necessary for long-term stability without a unifying force.
“But Asean’s 50-year track record is a real-time case study of how political and economic diversity can coexist while fostering peace and prosperity.
“So, having more Asean countries join BRICS could help scale Asean’s positive experience beyond South-East Asia,” he said in his closing remarks at the Asean Economic Opinion Leaders Conference: Outlook for 2025 yesterday.
Tengku Zafrul said several Asean countries are warming up to the idea of a BRICS membership or partnership.
“While it remains to be seen how BRICS will serve as a counterweight to Western hegemony, the fact that several Asean member states are warming up to a BRICS membership or partnership is a development that all member states need to account for.
“Apart from Malaysia, Indonesia, Vietnam and Thailand, how other Asean countries weigh the membership/partnership benefits of BRICS will likely have a bearing on Asean’s future economic growth and resiliency,” he added.
Originally comprising Brazil, Russia, India, China and South Africa, the BRICS group has recognised 13 nations, including Malaysia, as a partner country.
Currently, four Asean countries – Indonesia, Malaysia, Thailand and Vietnam – are part of BRICS.
Tengku Zafrul said the commitment from Malaysia, as the Asean chairman, will be reflected in the tangible results delivered in 2025, which will benefit not only the country but also the entire Asean community.
He added that Putrajaya will continue to take a strong stand to promote a rules-based world order.
“First, new major power dynamics under the (incoming Donald) Trump administration, coupled with the call for a new world order by middle powers and other regions in line with the Global South, is something Asean must continuously take stock of.
“As often demonstrated by our Prime Minister, Malaysia needs to continue being active, outspoken and principled on geopolitical and economic issues during our chairmanship,” he said.
Tengku Zafrul also said that resolving Asean issues should be a team sport.
“There is always the expectation that the (Asean) chair may need to ‘liberate’ Asean from its ongoing existential crisis by swiftly addressing issues that have become thorns in Asean’s side,” he said, citing concerns about Myanmar and the South China Sea.
“But resolving all these requires the consensus of all member states – particularly the economically stronger ones with more global political currency – to pull their weight for the resolution of such issues.
“The chair leads, yes, but the onus shouldn’t be on the chair alone. This is particularly important because given the scale of changes regionally and globally, it will take time for intra-Asean dynamics to pave the way for a stronger consensus,” he added.
Tengku Zafrul said in the era of US-China decoupling and deglobalisation, Asean’s fierce neutrality and non-alignment could be the only truly precious factor that could “save” many of the world’s critical supply chains.
“Indeed, this could be Asean’s, and by virtue of our chairmanship, Malaysia’s golden moment.”
As Asean attracts more investment flows from superpower and other nations, he said the grouping is also supporting the region’s geopolitical security and this can only be good for the region and the world.
Star Media Group is the exclusive media partner of the conference.
