Getting To Know BRICS, The Economic Group That Indonesia Wants To Enter

BRICS Plus 2024 Summit in Kazan (Source: Sergei Bobylev/brics-russia2024.ru Host Photo Agency via Kremlin)

Many of us do not know BRICS, an economic group consisting of developing countries, such as Brazil, Russia, India, China, and South Africa.

On Thursday, October 25, 2024, Indonesian Minister of Foreign Affairs (Menlu) Sugiono revealed that Indonesia wants to join the BRICS economic cooperation forum.

The request was delivered directly at the BRICS Plus Summit which was held in Kazan, Russia on October 22-24.

"The joining of Indonesia to BRICS is an active free political manifestation of foreign politics," said Foreign Minister Sugiono in his official statement, quoted by VOI.

"It doesn't mean we join certain camps, but we actively participate in all forums," he continued.

So, what is BRICS? Check out the summary of the information in the following reviews.

The above has been mentioned that BRICS is an economic group consisting of developing countries.

As an inter-governmental organization that facilitates cooperation in various fields, such as economy, trade, and sustainable development.

The name BRICS is an acronym from five countries, namely Brazil, Russia, India, China, and South Africa (South Africa).

According to the Council on Foreign Relations page, BRICS serves to coordinate and smooth economic cooperation between developing countries. The goal is to increase their economous productivity to be equal to developed countries.

Until now, global economic power is still dominated by developed countries from Europe, America, and some from Asia.

Initially, this economic group was called BRIC. The term BRIC was first coined by Goldman Sachs Jim O'Delta in his 2001-published study.

In the research, O'Nelll predicts that the economic conditions of Brazil, Russia, India and China will be on par with the G7 countries.

Starting from this study, the President of Russia, Vladimir Putin, invited Brazil, India and China to hold a meeting in 2009. This meeting was held to strengthen economic cooperation so that O'Nelll's predictions in his research come true.

Through the meeting, the relevant countries agreed to establish BRIC. This meeting is also the first BRIC Summit in history. Russia became the country that initiated the establishment of BRIC.

A year later, South Africa joined BRIC. The country became a member of BRIC in 2010 at the request and invitation from China.

With South Africa's entry into this forum, BRIC's name has changed to BRICS as we know it today.

Over time, the BRICS anggtoa continued to grow. In January 2023, there were six countries that joined the BRICS permanent membership. The six countries, namely Saudi Arabia, Ethiophia, Iran, the United Arab Emirates, Egypt, and the Democratic Republic of the Congo (DRC).

The reason the six countries join BRICS is to reduce the dominance of the use of dollars in their economic activities. In addition, they also want to receive economic benefits from BRICS countries after officially becoming members.

To date, there are about 30 countries that want to be joined by BRICS, including Indonesia. This was conveyed by Russian President Vladimir Putin during the plenary session of the BRICS Summit.

More than 30 countries have expressed their desire to join BRICS. It would be wrong to ignore unprecedented interests, said Putin, according to Bussiness Standard.

That's information about BRICS, the economic group that Indonesia wants to follow. Hopefully this article can make readers know BRICS better. Get news updates of other choices only on VOI.ID.