BRICS, Malaysia: Multilateralism Remains the Cornerstone of Global Governance
Kuala Lumpur (ANTARA) - Malaysia has stated that multilateralism remains the cornerstone of global governance and is crucial for establishing a fair international system.
This was conveyed by the Minister of Foreign Affairs of Malaysia, Mohamad Hasan, at a ministerial-level meeting of the BRICS bloc in New Delhi, India, on Friday.
“Multilateralism remains the primary foundation of global governance. This is very important for creating a rules-based international system so that every country, regardless of its size or strength, has a fair voice,” said Hasan in a statement received in Kuala Lumpur, Malaysia, on Friday.
In the forum, Hasan said that the current global governance system is on the verge of collapse due to the burden of the most pressing issues facing humanity.
Increasing inequality, debt burdens, climate crises, and unilateral trade measures have eroded trust in multilateralism and international cooperation over the years.
“Now, the situation has reached a point that is completely unsustainable,” he added.
According to him, everyone can see the impact of a global situation driven by power, not by rules; thus, developing countries and small countries are vulnerable to exploitation, exclusion, and isolation.
Therefore, Malaysia emphasised the importance of reforming the global financial architecture and the debt crisis.
Malaysia views that the current financial structure is outdated and does not take into account the unique conditions faced by developing countries. Malaysia also believes that without reform, the deficit of trust and hope will continue to widen.
“However, reform does not mean dismantling what already exists or abandoning multilateralism. Reform means making the system work better with urgency and wisdom,” explained Hasan.
The first principle is inclusiveness, where every country must have a place at the negotiating table. The second is justice, in the context that the benefits of globalisation must be shared more equally. The last principle is trust, where rules must be respected and commitments must be honoured.
Malaysia believes that BRICS can play an important role, not as an alternative, but as a catalyst for meaningful reform.
Thus, Hasan affirmed that Malaysia is ready to work with all partners, especially within the BRICS platform, to promote the creation of a resilient and sustainable multilateral system for the benefit of all parties.