Indonesia officially becomes the newest member of the BRICS group of developing nations, boosting the bloc's global influence.
Indonesia has officially become a full member of the BRICS bloc of developing economies, Brazil announced Monday. Indonesia's candidacy was endorsed by BRICS leaders in August 2023. The world's fourth-most populous nation decided to formally join the bloc after the formation of its newly elected government 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.' BRICS was formed by Brazil, Russia, India, China, and South Africa in 2009 and 2010. Last year, the alliance expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates. Saudi Arabia has been invited to join but has not yet done so. The organization was created as a counterweight to the Group of Seven, comprised of developed nations. Its name derives from an economic term used in the early 2000s to describe rising countries expected to dominate the global economy by 2050. Before Indonesia's membership, the bloc accounted for nearly 45 per cent of the world's population and 35 per cent of global gross domestic product, measured using purchasing power parity
BRICS INDONESIA GLOBAL POLITICS ECONOMIC DEVELOPMENT SOUTH-SOUTH COOPERATION
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