SHAH ALAM, June 18 — Malaysia is open to joining the intergovernmental organisation comprising Brazil, Russia, India, China and South Africa (Brics) because it can bring various economic benefits to the country, said Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz.

He said the Brics organisation is also seen to be developing smoothly for now and some countries such as the United Arab Emirates (UAE) and Egypt have also joined the organisation.

"We are waiting to start further discussions on Brics as mentioned by Prime Minister Datuk Seri Anwar Ibrahim,” he said after officiating at the launch of the Chery Malaysia assembly plant here today.

Anwar said yesterday that Malaysia would start formal procedures to join the Brics economic bloc soon.

Brics was established in 2009 as a cooperation platform for emerging economies including Brazil, Russia, India and China, while South Africa joined the group in 2010.

Brics now accounts for a quarter of the global economy, including a fifth of global trade with a population of around 40 per cent of the world’s population. — Bernama