Kuala Lumpur, Oct 25 (IANS): The BRICS grouping is a key component of the emerging multipolar order and will prove to be a significant platform that will facilitate international cooperation, according to Malaysian Economy Minister Rafizi Ramli.

"As the world becomes multipolar, BRICS has become a critical counterbalance. If member countries can embrace seamless economic linkages, the potential is exponential," he said.

"Strategically, the push for multilateralism will create more robust value chains, shielding each of us from external shocks. By promoting greater economic integration, developing countries will have more opportunities in infrastructure investment, technology transfer and capacity-building," he added, Xinhua news agency reported.

Rafizi also said that Malaysia sees tremendous synergies between BRICS and Association of Southeast Asian Nations (ASEAN) as Malaysia takes the chairmanship of the ASEAN grouping next year.

"These are the same principles, of inclusivity and sustainability, that Malaysia will promote. As we take the chairmanship of ASEAN in 2025, we see tremendous synergies between ASEAN and BRICS," he said.

BRICS, an acronym for an emerging-market cooperative mechanism, originally included Brazil, Russia, India, China, and South Africa. In January, BRICS expanded its membership with the inclusion of Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia.

Following the expansion, the BRICS grouping represents approximately 30 per cent of global GDP, nearly half of the world's population, and one-fifth of global trade. It has become one of the world's most important platform for solidarity and cooperation among emerging markets and developing countries.