Malaysia’s Prime Minister Anwar Ibrahim said that the world needs to look at ASEAN on how to challenge the US dollar. He said in a speech on Sunday that the bloc is challenging Western dominance without any pomp and noise. He called on emerging economies to follow suit and step aside from the West-dominated financial strata. The bold move comes despite Trump threatening nations that move away from the USD.
Ibrahim said in his speech that ASEAN countries have been trying to avoid using the US dollar in trade among member nations. “We want to make sure that we speak from the position of strength, not ex-weak, ex-colonial countries, but as independent countries with a certain position,” he said, and continued, “We must be cohesive. We must speak as one, based on multilateral arrangements,” he said at a recent summit.
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ASEAN Nations Take Steps To Move Away From the US Dollar
The Malaysian PM said that ASEAN plans to execute its ideas to step away from the US dollar. During the 2025 summit in May, ASEAN members agreed to settle many cross-border transactions in local currencies. The move was set up to strengthen their native economies and push their GDP numbers higher.
He mentioned that the collective strength of ASEAN can counter the supremacy of the US dollar in global trade. “It makes a difference because we cannot keep complaining without executing our plans, both among ourselves and with our friendly neighbors. With that collective strength, we can engage the world safely, fairly, and justly, negotiating on equal terms with all partners in the multilateral system.”
The ASEAN alliance is an association of 10 member countries emerging from the Southeast region of Asia. The 10 member countries of the bloc include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.