WHEN it comes to the question about the direction of Malaysia's foreign relations, we wonder whether we will remain neutral in hedging our bets between the major powers or become someone's pawn in the geopolitical chess board.
I believe Prime Minister Datuk Seri Anwar Ibrahim has set out ongoing foreign policy initiatives that will eventually restore Malaysia's reputation worldwide.
Malaysia intends to re-assert its status as an emerging middle power in international relations. In his book The Asian Renaissance, Datuk Seri Anwar Ibrahim proposed that decolonising the Asian mind from the European mould may reinvigorate the Asian sense of confidence fractured and deformed by a hundred years of colonialism.
In light of the Asian financial crisis in 1997, the Japanese government proposed that the Asian Monetary Fund (AMF) and Anwar, who was then finance minister, unequivocally supported the proposal. Regrettably, the AMF did not materialise.
Over two decades later, he raised the idea of the AMF yet again during a visit to China in March 2023. The AMF idea quickly piqued President Xi Jinping's interest.
With support from Beijing and the trust deficit in the Global South-North relations, the establishment of AMF may become an alternative to the Bretton Woods system and unfold the way for a multipolar world system.
Recent aggressive interest rate hikes by the US Federal Reserve has worried many nations like ours, concerning the weakening of our currency against the US dollar, heightening the debate about de-dollarisation in many nations.
In my opinion, the de-dollarisation strategy promotes fiscal and monetary autonomy for Malaysia to attain independence in international trade.
I do not see it as being detrimental to bilateral relations between our country and the United States. To date, the US is still an important trading nation and third-largest trading partner.
Furthermore, at the 42nd Asean Summit, Asean members signed an agreement to push for better regional payment connectivity and the use of local currency transactions.
Lastly, Malaysia is getting support from the international community for our firm position in defending the Palestinian's rights. The Palestinian cause is always an eternal responsibility and emotional issue among Malaysians.
Recently, Putrajaya received three demarches from Washington regarding our position on the conflict in Gaza. Anwar spoke his mind forthrightly on the issue in front of President Joe Biden during the Asia Pacific Economic Cooperation (Apec) conference in San Francisco.
Thus, we stood our ground and stayed on the path of our independent foreign policy amidst diplomatic pressure from Washington. Subsequently, Malaysia was among the first to announce a drastic policy to ban vessels bearing the Israeli flag or bound to that nation from docking in Malaysian ports.
We also went further by demonstrating our unwavering support for the state of Palestine's acceptance as a full member of the United Nations. This shows our commitment is even stronger than any Organisation of Islamic Cooperation (OIC) members.
Malaysia is now ready to engage actively in the international arena. Therefore, 2024 will be a challenging year for Malaysia in navigating its foreign relations and hedging its bets in the increasingly intense geopolitical tensions of the world.
* The writer is an analyst in foreign policy and international politics
