Indonesia has officially become a full member of the BRICS bloc of developing economies, as announced by Brazil, the presiding country of the group. The decision to admit Indonesia was made in August 2023 by BRICS leaders and was confirmed by Brazil, which currently holds the group's presidency for 2025.
Although the world's fourth-most populous nation received endorsement for its candidacy last year, Indonesia chose to formalize its membership after the formation of its newly elected government. The Brazilian government expressed its support for Indonesia's entry into BRICS, highlighting the country's significant population and economy in Southeast Asia.
BRICS, initially formed by Brazil, Russia, India, and China in 2009, expanded to include South Africa in 2010. In the past year, the alliance welcomed Iran, Egypt, Ethiopia, and the United Arab Emirates. Saudi Arabia has been invited to join but has not yet done so, while Turkey, Azerbaijan, and Malaysia have submitted formal applications for membership.
The organization was established as a counterbalance to the Group of Seven, which consists of developed nations. The name 'BRICS' originated from an economic concept predicting the rise of countries that would dominate the global economy by 2050.
Prior to Indonesia's inclusion, the BRICS bloc represented nearly 45% of the world's population and 35% of global gross domestic product, measured using purchasing power parity.
