Myanmar’s Minister of Investment and Foreign Economic Relations, Kan Zaw, revealed the country’s keen interest in BRICS and its endeavours, including the potential introduction of a common currency. In an interview with Sputnik, Minister Zaw highlighted Myanmar’s engagement with BRICS, citing its recognition as a dialogue partner in the Shanghai Cooperation Organisation (SCO) since May 2023 as an indication of the country’s commitment to regional cooperation and integration.
Referring to Russian President Vladimir Putin’s proposal at the BRICS Business Forum in June 2022 for an international reserve system based on a basket of BRICS currencies, Minister Zaw acknowledged the significance of such a monetary initiative. While the development of such a system may require time, it presents a viable alternative to the dominant Western dollar system, potentially providing greater stability and autonomy for BRICS member states.
Furthermore, Sergey Katyrin, head of the Russian Chamber of Commerce and Industry, disclosed in August 2023 that nearly 50 countries had expressed theoretical interest in joining BRICS, with 17 having already submitted formal applications. Geopolitical analyst Pepe Escobar stressed the importance of enhancing payment systems and facilitating trade in national currencies among BRICS countries to strengthen economic ties and reduce dependence on external financial systems.
The recent expansion of BRICS membership on January 1, 2023, to include Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia further underscores the bloc’s growing influence and appeal. As BRICS continues to evolve, Myanmar remains committed to exploring avenues for collaboration and mutual benefit within this dynamic framework, recognising its potential to foster economic growth and stability in the region.
In addition to its engagement with BRICS, Myanmar remains an active participant in the SCO, an international organisation dedicated to promoting economic and political cooperation among Eurasian countries. With India, Pakistan, and Iran also counted among its full members, the SCO serves as another vital platform for Myanmar to engage with regional partners and pursue common objectives for sustainable development and prosperity.
