Indonesia has been accepted as a full member of the BRICS bloc of developing economies, Brazil, the group’s chair country, announced on Monday.
Indonesia’s candidacy was endorsed by BRICS leaders in August 2023, according to Brazil’s Foreign Ministry, which holds the presidency of the group for 2025. However, the world’s fourth most populous country chose to formally join the bloc only after the formation of its newly elected government. Last year.
“The Brazilian government welcomes Indonesia’s accession to BRICS,” the government said in a statement. “With the largest population and economy in Southeast Asia, Indonesia shares with other members a commitment to improving global governance institutions and contributes positively to deepening South-South cooperation.”
Indonesia’s Foreign Ministry said in a written statement on Tuesday that it reflects Indonesia’s increasingly active role on global issues and its commitment to strengthening multilateral cooperation.
“Indonesia views its membership in BRICS as a strategic step to enhance cooperation with other developing countries based on the principles of equality, mutual respect and sustainable development,” the statement said.
BRICS was formed in 2009 by Brazil, Russia, India and China and South Africa was added in 2010. Last year, the alliance expanded to Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join but has not yet done so.
Türkiye, Azerbaijan and Malaysia have formally applied to become members and a few others have expressed interest.
This organization was created as a counterweight to the Group of Seven developed countries. Its name is derived from an economic term used in the early 2000s to describe emerging countries expected to dominate the global economy by 2050.
Before Indonesia’s membership, the bloc accounted for about 45% of the world’s population and 35% of global GDP, measured using purchasing power parity.
