No products in the basket.
Indonesia’s Consideration of Joining BRICS: An Overview
Over the past decade, there have been discussions about Indonesia joining the BRICS group, and China has expressed support for the idea. Indonesia has participated in BRICS meetings and recently accepted an invitation to attend the 2023 BRICS summit.
“BRICS” is an acronym that represents the emerging national economies of Brazil, Russia, India, China, and South Africa. The term was initially coined as “BRIC” in 2001 by Jim O’Neill, an economist at Goldman Sachs, in his report titled “Building Better Global Economic BRICs”.
The inclusion of South Africa in the acronym came later in 2010, expanding the original BRIC concept to BRICS. This group of countries is characterized by their significant economic potential, rapid growth, and increasing influence on the global stage.
Brazil, Russia, India, China, and South Africa collectively account for a substantial portion of the world’s population, landmass, and GDP. They are seen as key players in shaping the future of the global economy and are often engaged in collaborative efforts to address common challenges and promote economic cooperation.
The BRICS countries have established various platforms for cooperation, such as the BRICS Summit, which brings together the leaders of these nations to discuss important issues and explore opportunities for collaboration. They also have their own development bank, the New Development Bank (NDB), which aims to support infrastructure and sustainable development projects in member countries.
Indonesia’s Perspective on BRICS: Exploring Opportunities
The idea of Indonesia becoming a member of the BRICS group was initially discussed more than a decade ago, and while Indonesia has participated in certain BRICS meetings, the concept of official membership has recently gained momentum again. Key actors like China have expressed support for Indonesia‘s inclusion. In response, Indonesia has accepted an invitation to participate in the 2023 BRICS summit, further fueling speculations about its potential membership. However, Jakarta has yet to reach a conclusive decision, and the government appears to be weighing the options, choosing whether to join or delay the opportunity.
Jakarta‘s Decisions in Early 2024: Weighing the Pros and Cons
As the world’s fourth most populous country, with a population of 276 million, Indonesia possesses great potential. Over the past two decades, BRICS has also gained economic strength and influence, covering 26% of the world’s landmass and 42% of its population. As BRICS continues to play a significant role in global economics and geopolitics, Jakarta has the opportunity to engage in multilateralism with this influential group. Moreover, Indonesia’s foreign policy objectives, development ambitions, infrastructure projects, and interactions with major powers are in alignment with the aims of BRICS, making membership an attractive prospect.
The Future of Indonesia and BRICS: A Synergy of Interests
The future of Indonesia‘s relationship with BRICS remains uncertain as the country weighs its options. Indecisiveness pertaining to joining the group or deferring the decision highlights the importance of carefully considering the potential benefits and drawbacks. With its vast population and economic potential, Indonesia has much to gain from collaboration with BRICS, which has a strong presence in global economics and finance. As the geopolitical landscape continues to evolve, Jakarta acknowledges the significance of aligning its strategies with influential global players like BRICS.
Read the original article : Indonesia’s Approach to BRICS: Opportunities and Membership Potential
This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].
Discover more from Thailand Business News
Subscribe to get the latest posts sent to your email.
