Malaysia considers OECD membership

Malaysia is considering joining several international organizations, including the Organization for Economic Cooperation and Development (OECD), Investment, Trade and Industry Minister Zafrul Abdual Aziz said on Monday.

In an effort to maintain the balance of developing the nation and maintaining good relations with all trade partners, especially the world’s economic powerhouses, Malaysia will continue to ensure an independent and pragmatic foreign policy based on the values of justice and equality, he responded to the Senate’s query.

The government will use a multi-directional approach to ensure the interests of the country are upheld, he said, adding this is one of the main reasons why Malaysia is not only considering participation in BRICS (an intergovernmental organisation comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, and the United Arab Emirates) but also even some other suitable organisations such as OECD, where Malaysia can contribute to the development of the international community.

As a trading nation, Malaysia always focuses on strengthening economic cooperation with all partners, which is proven through the country’s involvement and active role in various international organisations at the regional and multilateral levels, including ASEAN, the Asia Pacific Economic Cooperation (APEC), the UN, and the Organization of Islamic Cooperation (OIC).

In that context, Malaysia’s participation in BRICS is in line with its efforts to drive the economic agenda for the benefit of the country and the people, he said, highlighting that with a strategic and balanced approach, Malaysia can optimize the benefits of participation in BRICS in addition to ensuring the stability and continuity of trade relations globally with all the country’s main economic partners.