Indonesia Officially Joins BRICS Group of Emerging Economies

Indonesia Officially Joins BRICS Group of Emerging Economies

Indonesia has officially joined the BRICS group, an alliance of emerging economies that includes Russia, China, and other nations, and is seen as a counterbalance to Western powers.

On Monday, Brazil, which holds the rotating presidency of the group, announced that Indonesia would join as a full member. On Tuesday, Indonesia welcomed the announcement. Jakarta's Ministry of Foreign Affairs stated in a press release that BRICS membership is "a strategic step to improve cooperation and partnerships with other developing nations, based on the principles of equality, mutual respect, and sustainable development."

It also expressed "gratitude to Russia," the 2024 BRICS chair, for its support and leadership in facilitating Indonesia's membership.

Earlier, Brazil's Ministry of Foreign Affairs had stated that Southeast Asia's most populous nation "shares the desire to reform global governance institutions with the other members and contribute positively to cooperation within the Global South."

It further noted that Indonesia’s bid to join the bloc was approved during a summit in 2023 in Johannesburg.

The BRICS acronym was originally coined by a Goldman Sachs banker at the dawn of the 21st century and was formally established in 2009 by founding members Brazil, Russia, India, and China. South Africa joined in 2010.

Last year, the bloc expanded again, with Iran, Egypt, Ethiopia, and the United Arab Emirates becoming full members.

BRICS is increasingly viewed as a counterweight to the West, with the “de-dollarization” of international trade being one of its primary goals. Many member countries accuse Washington of using the U.S. dollar as a political tool in international trade, and the group has proposed creating a common currency.

U.S. President-elect Donald Trump has threatened to impose 100 percent tariffs on BRICS member nations if they begin using a different currency instead of the dollar in international trade.

However, Brazil has indicated that it aims to further strengthen these efforts during its presidency of BRICS. President Luiz Inácio Lula da Silva's government has stated that its goal is "the development of payment systems" to facilitate trade among member countries.

Indonesia, in its statement, said: "This achievement demonstrates Indonesia's increasingly active role in global issues and our commitment to strengthening multilateral cooperation to create a more inclusive and fair global structure."