Indonesia, Southeast Asia’s most populous country, has joined Brics as a full member. Photo / AFP
Indonesia, Southeast Asia’s most populous country, has joined Brics as a full member. Photo / AFP
Brazil on Monday announced Indonesia had become a full member of Brics, a bloc of developing economies increasingly seen as a counterweight to the West.
Brazil’s Foreign Ministry said Southeast Asia’s most populous country “shares with the other members the will to reform the institutions of global governanceand contribute positively to co-operation within the Global South.”
Brazil, which holds the rotating presidency of the grouping this year, said Indonesia’s bid to join the bloc had been approved during a summit in 2023 in Johannesburg.
Brics was created in 2009 by founding members Brazil, Russia, India and China. South Africa joined the following year.
Last year, the grouping expanded with Iran, Egypt, Ethiopia and the United Arab Emirates becoming full members.
During its presidency, Brazil aims to boost co-operation between countries of the “Global South” and reform multilateral institutions.
One of the objectives, according to the government of left-wing President Luiz Inacio Lula da Silva, is the “development of means of payment” to facilitate trade among member countries.
During the last Brics summit in Kazan, Russia, in November, member nations discussed boosting non-dollar transactions and strengthening local currencies.
This raised the ire of US President-elect Donald Trump, who threatened the group’s members with “100% tariffs” if they undercut the US dollar.
This year’s Brics summit will take place in Rio de Janeiro in July.
