INTERVENTION BY YB DATO’ SERI UTAMA HAJI MOHAMAD BIN HAJI HASAN MINISTER OF FOREIGN AFFAIRS, MALAYSIA BRICS PARTNERS’ FOREIGN MINISTERS’ MEETING 2026 SESSION 2: REFORMS OF[...]

INTERVENTION BY

YB DATO' SERI UTAMA HAJI MOHAMAD BIN HAJI HASAN

MINISTER OF FOREIGN AFFAIRS, MALAYSIA

BRICS PARTNERS' FOREIGN MINISTERS' MEETING 2026

SESSION 2: REFORMS OF GLOBAL GOVERNANCE AND MULTILATERAL SYSTEM

NEW DELHI, INDIA

15 MAY 2026

Thank you, Mr. Chair.

Excellencies / Distinguished Guests / Ladies and Gentlemen,

The global governance system we have today is creaking under the weight of humanity's most pressing worries.

2. Deepening inequalities, unsustainable debt, climate crises, and unilateral trade measures, have eroded trust in multilateralism, and international cooperation, over many years. But now it has reached a point that is simply unworkable.

3. The Global South has long struggled with this grim reality, marked by significant gaps in representation, access, and influence.

Excellencies,

4. For Malaysia, multilateralism remains the bedrock of global governance. It is imperative for a rules-based international system, to ensure that nations, regardless of size or power, have a fair voice.

5. We have seen what a world looks like, which is driven by power rather than by rules. Developing and smaller nations have been left vulnerable, to exploitation, exclusion, and isolation.

6. Without reform, the deficit in trust and hope will continue to widen. And nowhere is the need for reform more urgent than in the global financial architecture and debt crisis.

Excellencies,

7. The current financial structures are outdated, and do not account for the unique circumstances of developing countries.

8. The Bretton Woods institution is still based on GDP quotas, and is therefore out of step with its own methodology.

9. The COVID-19 pandemic, along with other interconnected challenges, has deepened the global debt crisis.

10. Nearly 40 percent of developing countries are facing severe debt problems. 3.4 billion people live in countries that spend more on debt servicing, than on essential services like healthcare and education.

11. This crippling debt impedes the ability of developing nations to pursue the SDGs, and leaves them exposed to global shocks and crises.

12. Therefore, we need a more equitable financial system, as well as debt relief and restructuring mechanisms, to ensure all nations have the liquidity to respond to economic shocks, and invest in sustainable development.

Excellencies,

13. Trade remains a key driver of development.

14. Increasing South-South trade should be further harnessed, for which efforts must also be made, to integrate developing nations into global value chains, and promote long-term sustainable growth.

15. In today's era of protectionism and industrial policy, a flexible and fair global trading system is needed. A system that is grounded, in internationally agreed and enforceable rules, including those under the World Trade Organisation (WTO).

Excellencies,

16. Taken together, these challenges point to a simpler truth: That the system we have today is no longer sufficient or sustainable.

17. But reform is not about dismantling what we have, or walking away from multilateralism. It is about making it work better, with urgency and wisdom.

18. Malaysia believes that meaningful reform must be guided by three fundamental principles.

i. First, inclusivity - every nation must have a seat at the table;

ii. Second, equity - the benefits of globalisation must be shared more fairly; and

iii. Thirdly, trust - rules must be respected, and commitments must be upheld.

19. Without those above, no system can sustain legitimacy.

20. Though the path ahead is arduous, change is possible, especially when there is clarity of purpose, and a willingness to act. This is where BRICS can make a difference, not as an alternative, but as a catalyst for meaningful reform.

21. To this end, Malaysia stands ready to work with all partners, particularly within the BRICS platform, to advance a resilient and sustainable multilateral system that delivers for all.

Thank you.