Indonesia joins the BRICS

-

The economic bloc just welcomed Indonesia as its newest full member. This is a significant moment not only for Indonesia but also for Southeast Asia, as it secures its first seat at this table.

The new member

On January 6, Brazil, which currently holds the BRICS presidency, officially confirmed Indonesia’s membership.

This announcement coincides with Brazil’s leadership term that runs from January 1 to December 31, 2025.

Indonesia’s process to join BRICS picked up steam after the Johannesburg Summit in 2023, and now it stands as the first Southeast Asian nation to join the bloc.

The leaders of BRICS gave Indonesia the thumbs up during that summit last August, paving the way for this entry, but due to upcoming presidential elections in 2024, Indonesia formally expressed its interest in joining only after establishing its new government.

“In 2024, the BRICS countries approved by consensus Indonesia’s membership in line with the guiding principles, criteria, and procedures for expansion agreed upon in Johannesburg.”

Brazil celebrates Indonesia’s inclusion

Brazil’s government is rolling out the red carpet for Indonesia, highlighting its economic clout and large population.

“As the largest economy and most populous nation in Southeast Asia, Indonesia shares with other BRICS members a commitment to reforming global governance institutions and plays a vital role in enhancing cooperation within the Global South.”

Territory

The expansion of BRICS in the past years has been quite impressive, as in January 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates were also officially welcomed into the group. While Saudi Arabia got an invitation too, its membership is still pending.

In addition to new members, BRICS has added nine nations as partners. Russia has hinted that four more countries could join soon.

A Russian official confirmed that Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan are now considered BRICS partners.

Have you read it yet? Bitcoin – Wall Street correlation is over?

LATEST POSTS

Yet another busted crypto scammer gets jail time

Picture this, you’re sitting in the break room, clutching your coffee. But suddenly Bob from accounting swoops in, gushing about some shiny new coin, promising...

PayPal’s slashing cross-border fees by 90%, with crypto

PayPal, the granddaddy of online payments, just dropped something new called “Pay with Crypto.” Imagine you’re stuck in that never-ending international transfer fee loop, every...

SEC breaks the chains, crypto ETFs get a major upgrade

In-kind redemption is here. The US Securities and Exchange Commission approved a savvy move letting crypto ETFs ditch the cash-only routine and offer in-kind redemptions....

Revolut’s plan to conquer America is buying a bank to skip the line

Revolut wants in on the American financial game. Now, how do you crash the US banking party when the velvet rope is tighter than your...

Most Popular

Guest posts