Indonesia joins BRICS as a key player in global economics

Indonesia became the 10th full member of the BRICS international group of developing countries on Monday.

The announcement was made by Brazil, one of the bloc’s founding members and its rotating chair for 2025.

“The Brazilian government welcomes Indonesia`s entry into the BRICS,” it said in a statement.

“With the largest population and economy in Southeast Asia, Indonesia shares with other members a commitment to reforming global governance institutions and contributes positively to deepening South-South cooperation.”

Indonesia’s candidacy was heralded with a bang. The ministry initially endorsed it by BRICS heads of state and governments in August 2023.

But the world’s fourth-most populous country decided to postpone its full membership in the bloc until a newly elected government is established.

To mark the event, the Foreign Affairs Ministry in Jakarta issed a statement saying: “This achievement shows Indonesia’s increasingly active role in global issues and commitment to strengthening multilateral cooperation to create a global structure that is more inclusive and fair.”

What is the BRICS group?

The BRICS group is named after its founding members Brazil, Russia, India, and China in 2009, and South Africa, which joined a year later.

In 2024, the alliance was expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates.

The bloc was designed as a counterweight to the Group of Seven (G7) of advanced economies, consisting of the United States, Canada, the United Kingdom, France, Germany, Italy, and Japan.

Before Indonesia joined, the BRICS countries accounted for 46% of the world’s population and 35% of the world’s gross domestic product.

Saudi Arabia has been invited to join but has not yet done so, while Turkey, Azerbaijan and Malaysia have formally applied for membership.

The 16th and final BRICS summit of its kind will take place in Kazan, Russia, in October 2024, hosted by Russian President Vladimir Putin.

At the summit, member states discussed strengthening local currencies and encouraging non-dollar trade, drawing criticism from US President-elect Donald Trump, who threatened BRICS countries with “100 percent tariffs”.

This year’s BRICS summit will be held in Rio de Janeiro in July.