Indonesia Joined BRICS | 09 Jan 2025

Source: IE 

Recently, Indonesia has officially joined the BRICS group as the 10th member, effective from January 2025. 

BRICS: 

• About: 
  • BRICS is an intergovernmental informal grouping of 10 emerging economies of the world. 
  • BRICS stands for the original founding members, Brazil, Russia, India, and China, with South Africa joining in 2010. 
  • In 2024, Iran, the United Arab Emirates (UAE), Egypt, Ethiopia, and Saudi Arabia also became its members.  
    • Argentina was initially expected to join the group in 2024 but later decided against it. 
  • The first BRIC Summit was held in Russia in 2009. 
• Significance: 
  • Economic Influence: Prior to Indonesia's membership, BRICS represented 35% of global GDP and 46% of the world's population. 
  • Counterbalance to G7: Aims to strengthen the influence of emerging economies and counter the dominance of the Western-led global financial system like G7. 
• Future Agendas for BRICS:  
  • Reduce reliance on the US dollar in international transactions, strengthening local currencies and promoting non-dollar transactions, potentially reshaping global trade and finance. 
  • It aims to promote greater equity, inclusivity, and reforms in global institutions such as the IMF and UN. 

Read More: 16th BRICS Summit & India-China Border Agreement