Brics
JAKARTA: Indonesia’s entry into BRICS marks a strategic milestone for its domestic economy and global trade landscape, says Alexander Michael Tjahjadi, an Indonesian economist at the Indonesia China Partnership Studies think tank.
The grouping is an inter-governmental organisation which originally consisted of Brazil, Russia, India, China, and South Africa.
It has since grown to include other countries such as Egypt, Ethiopia, Iran and the United Arab Emirates.
The BRICS group recognised 13 nations, including Malaysia, as partner countries last October.
Presently, four Asean countries – Indonesia, Malaysia, Thailand and Vietnam – are part of BRICS.
Tjahjadi said in an interview with Xinhua recently that since its establishment, BRICS has had a significant influence on the global economy.
“Following the addition of new members in January 2024, BRICS has grown even stronger economically,” Tjahjadi said.
Brazil, which holds the rotating presidency of the grouping this year, announced last Monday the official entry of Indonesia as the latest full member into BRICS.
Tjahjadi stressed that BRICS is not merely an international cooperation platform but also a medium for developing countries to exchange experiences and best practices, providing tangible economic benefits.
“For instance, China shares renewable-energy technologies with African nations, while India and Brazil contribute their expertise in tropical agriculture.
“This reflects the BRICS principle of fostering cooperation in economic development,” he said.
Noting that China is Indonesia’s largest trade partner, Tjahjadi said Indonesia’s membership will further bolster Indonesia-China relations in the economic and trade sectors.
He also highlighted trade relations with other BRICS countries, especially the immense potential to increase exports and expand its market, “particularly with China and India”.
Tjahjadi suggested Indonesia strengthen its position in the African market and promote South-South cooperation within the grouping.
“South-South cooperation allows developing countries to pursue self-sustaining solutions rather than relying on external aid often tied to political or economic conditions.
“Addressing shared challenges such as poverty, inequality, and climate change is a key hallmark of South-South cooperation,” he said.
For Indonesia, he said, building a robust investment ecosystem is essential for the country’s continuing growth and advancement.
“The government must actively promote mutually beneficial collaborations and expand market access to ensure BRICS membership delivers tangible benefits to the Indonesian economy,” he added. — Xinhua
