Indonesia has become a full member of the BRICS group, announced Brazil on Monday. It is the largest economy and most populous nation in Southeast Asia and its entry to the BRICS bloc will further deepen the Global South cooperation. BRICS was formed by Brazil, Russia, India and China in 2009, and South Africa was added in 2010.
Indonesia's candidacy was endorsed by BRICS leaders in August 2023. However, it opted to formally join the bloc only after the formation of its newly elected government last year.
Brazil welcomes Indonesia to BRICS bloc
Brazil, which holds the presidency of the BRICS in 2025, welcomes Indonesia. "The Brazilian government welcomes Indonesia for its entry into BRICS. As the largest economy and most populous nation in Southeast Asia, Indonesia shares with other BRICS members the support for the reform of the global governance institutions and contributes significantly to the deepening of Global South cooperation, priorities that align with Brazil's theme for its presidency: "Enhancing Global South Cooperation for a More Inclusive and Sustainable Governance," Brazilian Foreign Ministry said in a statement.
What is BRICS bloc and why is it important
BRICS is an intergovernmental organisation that was founded as a counterweight to the Group of Seven, comprised of developed nations, that had ceased to serve developing countries. The bloc has sought to coordinate its members’ economic and diplomatic policies, found new financial institutions, and reduce dependence on the U.S. dollar.
BRICS was formed by Brazil, Russia, India and China in 2009, and South Africa was added in 2010. Last year, the alliance expanded to embrace Iran, Egypt, Ethiopia and the United Arab Emirates. Turkey, Azerbaijan and Malaysia have formally applied.
BRICS term was originally coined by Goldman Sachs economist Jim O’Neill in a 2001 research paper in which he stated that the growth of what was then the “BRIC” countries (Brazil, Russia, India, and China) was poised to challenge the dominant G7 wealthy economies.
The first BRIC Summit was held in Russia's Yekaterinburg in 2009. It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers' meeting in New York in 2010. The 16th BRICS Summit was being held under Russia's chairmanship in Kazan in 2024.
(With inputs from agencies)
