Brasilia:
Brazil on Monday announced that Indonesia had become a full member of BRICS, a bloc of developing economies increasingly seen as a counterweight to the West.
Brazil’s foreign ministry said in a statement that Southeast Asia’s most populous country “shares with the other members the will to reform the institutions of global governance and contribute positively to cooperation within the Global South.”
Brazil, which holds the rotating presidency of the grouping in 2025, said Indonesia’s bid to join the bloc had been approved during a summit in 2023 in Johannesburg.
BRICS was created in 2009 by founding members Brazil, Russia, India and China. South Africa joined the following year.
Last year, the grouping expanded with Iran, Egypt, Ethiopia and the United Arab Emirates becoming full members.
During its presidency, Brazil aims to boost cooperation between countries of the “Global South” and reform multilateral institutions.
One of the objectives, according to the government of left-wing President Luiz Inacio Lula da Silva, is the “development of means of payment” to facilitate trade between member countries.
During the last BRICS summit in Kazan, Russia in November 2024, member nations discussed boosting non-dollar transactions and strengthening local currencies.
This raised the ire of US President-elect Donald Trump, who threatened the group’s members with “100 percent tariffs” if they undercut the US dollar.
This year’s BRICS summit will take place in Rio de Janeiro in July.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
