Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group’s presiding country Brazil announced on January 6, 2024.
Key Highlights
- Announcement: January 6, 2024, by Brazil, the 2024 presiding country of BRICS.
- Endorsement: Leaders approved Indonesia’s candidacy during the August 2023 BRICS summit.
- BRICS was formed by Brazil, Russia, India and China in 2009, and added South Africa in 2010.
- Current Members: Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, UAE, and now Indonesia.
- Pending Applications: Saudi Arabia (invited), Turkey, Azerbaijan, Malaysia, and others have expressed interest.
Significance of Indonesia’s Membership
- Regional Influence:
- Largest economy in Southeast Asia; strengthens BRICS’ foothold in the Asia-Pacific region.
- Enhances cooperation with India and bolsters South-South alliances.
- Global Governance:
- Aligns with BRICS’ goal of reforming Western-dominated institutions, such as the IMF and World Bank.
- Indonesia supports reducing reliance on the US dollar in global trade, echoing a key BRICS objective.
- Strategic Importance for India:
- Strengthens India’s outreach to Southeast Asia, a pivotal region for global trade and security.
- Aligns with India’s vision for enhanced South-South cooperation and economic partnerships.
- Geopolitical Counterbalance:
- Expands BRICS’ ability to challenge the dominance of the G7 (US, Canada, and European nations).
- Advocates for policies favoring developing economies, particularly in trade, financial reform, and infrastructure.
Key BRICS Goals
- Reduce dependence on the US dollar by promoting local currencies and non-dollar transactions.
- Strengthen collective influence in shaping global financial and trade systems.
- Advocate for equitable development policies for emerging economies.
