E-Paper
Brazil announces Indonesia's full membership in BRICS
BRICS was formed in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010. Last year, the bloc expanded to include Iran, Egypt, Ethiopia.
Brazil, the presiding country of BRICS, announced on Monday that Indonesia has been admitted as a full member of the bloc of developing economies.
The foreign ministry of Brazil, which holds the BRICS presidency for 2024, confirmed that Indonesia's candidacy was approved by the bloc's leaders in August 2023.
However, Indonesia, the world's fourth-most populous nation, decided to formally join the bloc only after its newly elected government was formed last year.
“The Brazilian government welcomes Indonesia's entry into the BRICS,” the government 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,” the statement added.
Read: Kazan Summit: Turning point for Brics global influence
BRICS was formed in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010. Last year, the bloc expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates. Saudi Arabia has been invited but has not yet joined.
Turkey, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest.
In recent years, some BRICS members, particularly Russia and China, have been exploring alternatives to the US Dollar, with India remaining an exception.
In December, Donald Trump, the next president of the United States, said that BRICS countries can ‘go find another sucker’ if they cannot commit that they will neither create a new currency of their own, nor back any other currency “to replace the mighty US Dollar”.
President-elect warned BRICS countries against replacing the US dollar and sought a commitment from the nine-member group.
“We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump warned.
BRICS is the only major international group of which the United States is not a part.
