Malaysia is yet to become a full member of the BRICS, but since April 2023, Kuala Lumpur and New Delhi have begun settling trade in local currencies. ADVERTISEMENT“Both Prime Ministers appreciated the continued collaboration between Reserve Bank of India and Bank Negara Malaysia to promote usage of local currency settlement in bilateral trade and investments, and encouraged industries on both sides to further facilitate the invoicing and settlement of trade in local currencies, i.e., Indian Rupee and Malaysian Ringgit,” the joint statement said. Malaysia’s state-owned news agency Bernama quoted Anwar as saying that the use of local currency would be encouraged for trade in energy, digital connectivity and semiconductors. In his media statement, the Prime Minister said: “Cooperation between us in energy, infrastructure, and manufacturing has grown significantly. “We are in agreement that the review of the ASEAN-India Trade in Goods Agreement (AITIGA) should be completed at the earliest.”

Source: The Telegraph February 09, 2026 02:21 UTC