Latypov said one of BRICS’s key objectives is to protect and promote the economic interests of smaller and developing countries.

“It is the small and undeveloped nations that suffer during times of difficulties. Big nations, which dominate international trade, always have tricks to maintain their interests.

“These nations tend to act in their own self-interest, even at the expense of less developed countries,” he told reporters after the signing of a memorandum of understanding between RusGrain Union and Melewar Industrial Group today.

Latypov emphasised that the organisation offers a platform to build a more equitable international system.

“BRICS is not a union against something or somebody. It’s an organisation aimed at building a new, just and equal international order,” he said.

“It’s high time to implement changes and make the system more equal, just and profitable for developing countries.

“We are very glad the Malaysian government has decided to join BRICS and we are working with our Malaysian partners on this,” he said.

Latypov acknowledged that aligning the interests of all member states would be a challenging task.

“It will be a very long and hard path because we need to concur on a lot of issues,” he said, referring to the consensus-based process that governs the organisation.

Originally comprising Brazil, Russia, India and China, BRICS was established in 2009 as a cooperation platform for emerging economies.

South Africa joined the bloc in 2010 and the bloc has expanded since then to include Iran, Egypt, Ethiopia and the United Arab Emirates.

Malaysia was officially recognised as one of the 13 new BRICS partner countries on Oct 24.