The global economic landscape is undergoing a significant transformation. Once dominated by Western powers and institutions, a coalition of emerging economies has been steadily challenging the status quo.
Known as BRICS, this alliance — comprising Brazil, Russia, India, China, and South Africa — seeks to reshape global governance and economic dynamics.
Over the years, BRICS has expanded its influence, creating development banks, alternative financial systems, and fostering deeper cooperation among its members.
Approved in 2023
This week, Indonesia, the world’s fourth-most populous country, officially joined BRICS as a full member.
The decision, announced by Brazil, highlights the bloc’s growing appeal to nations seeking to align themselves with a Global South vision of economic and political independence.
Indonesia’s entry was approved unanimously during the 2023 BRICS summit in Johannesburg, though it chose to finalize the process after its 2024 presidential elections, according to Ziare.
President Prabowo Subianto, who took office in October, has expressed strong support for the alliance.
“Indonesia shares the group’s commitment to reforming global governance institutions and positively contributes to deepening cooperation in the Global South,” stated the Brazilian government, which will hold the BRICS presidency in 2025.
Indonesia’s membership comes amid broader efforts by BRICS to expand its reach.
Recent additions to the BRICS+ framework, including Egypt, Ethiopia, Iran, and the UAE, have underscored its ambition to rival Western-led blocs like the G7.
BRICS’ initiatives, such as the New Development Bank and efforts to create a unified reserve currency, aim to challenge global financial systems dominated by Western powers.
Russian President Vladimir Putin welcomed Indonesia’s inclusion, emphasizing BRICS’ cooperative approach:
“This is an association of states working together based on common values and mutual respect.”
Critics, however, view the group’s growing influence as a direct challenge to Western hegemony.
