Indonesia Officially Joins BRICS: What are the Economic and Political Impacts?

Bisnis | Ekonomi - Posted on 07 January 2025 Reading time 5 minutes

Brics

DIGIVESTASI - Indonesia has officially joined BRICS, marking a significant advancement in the country's efforts to strengthen international relations. The Brazilian government announced on Monday (January 6) that Indonesia is now a full member of BRICS. In a statement from the Brazilian Ministry of Foreign Affairs, Indonesia, along with other member countries, expressed a strong desire to reform global institutions and support closer collaboration among Global South nations.

 

Brazil, which holds the BRICS presidency for 2025, mentioned that Indonesia's membership approval was granted at the BRICS summit in Johannesburg in 2023.

 

BRICS, founded in 2009 by Brazil, Russia, India, and China, added South Africa as a member the following year. Since 2024, the number of BRICS members has continued to grow, with Iran, Egypt, Ethiopia, and the United Arab Emirates joining as full members.

 

Under Brazil's leadership, BRICS aims to enhance cooperation among "Global South" countries and advocate for reforming multilateral institutions. One of the main initiatives is the development of a new payment tool to facilitate trade between member countries.

 

At the BRICS summit held in Kazan, Russia, in November 2024, member nations discussed measures to reduce dependence on the US dollar and strengthen the use of local currencies in trade transactions. The next BRICS summit is scheduled to take place in Rio de Janeiro in July 2025.

 

Reuters reported that Indonesia's nomination for BRICS membership was approved by the bloc of nations in 2023. Brazil added that Indonesia made the request to join after the presidential elections held the previous year. The Brazilian government stated that Indonesia supports global institutional reforms and is committed to deepening cooperation with countries in the Southern region.


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Source: detik.com

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