Awesome! This is how strong the BRICS economy would be if Indonesia joined

JAKARTA, iNews.id -Group country-developing countries initiated by Brazil, Russia, India, China and South Africa, BRICK held a High Level Conference (KTT) in Kazan, Russia, on 22-24 October 2024. A number of heads of state and representatives of several international organizations attended the summit.

On that occasion, Indonesia which was conveyed by the Minister of Foreign Affairs (Menlu) Sugiono conveying Indonesia's desire to join BRICS. He said the process of Indonesia joining the group had begun.

Also Read

Indonesia Wants to Join BRICS, Economist: Trade Diversification and Foreign Relations

“Indonesia's joining BRICS is a manifestation of a free-active foreign policy,” said Sugiono, quoted on Friday (25/10/2024).

What is BRICS?

The acronym BRIC, which originally did not include South Africa, was coined in 2001 by Goldman Sachs Chief Economist Jim O'Neill in a research paper outlining the growth potential of Brazil, Russia, India and China.

Also Read

Foreign Minister Sugiono: Indonesia Wants to Join BRICS, Process Begins

Launch ReutersThis bloc was founded as an informal group in 2009 to provide a platform for its members to compete with the United States (US) and its Western allies.

This group is not a formal multilateral organization like the United Nations, World Bank or Organization of Petroleum Exporting Countries (OPEC).

Also Read

Vladimir Putin says there are 34 countries that want to join BRICS, is Indonesia included?

South Africa, the smallest member in terms of economic influence and population, was the first beneficiary of the bloc's expansion in 2010 when the group became known as BRICS.

Together, these countries account for more than 40 percent of the world's population and a quarter of the global economy. Apart from geopolitics, the group's focus includes economic cooperation and increasing multilateral trade and development.