A block that continues to grow. The BRICS+ geopolitical group has just gained a new member: Indonesia. A look back at this arrival and the new countries that now make up the group.
Indonesia joins BRICS+
Brazil has the presidency of BRICS+ for this year, so it is this country which announced the new arrival. He confirms that Indonesia's candidacy was made in August 2023 and was approved in 2024. But elections having taken place, Indonesia wanted to wait until the beginning of 2025 to formalize its entry into the grouping.
This is a step in itself, because Indonesia is the first Southeast Asian country to join BRICS+. A point highlighted in the press release from the Brazilian Ministry of Foreign Affairs:
“As the largest economy and most populous nation in Southeast Asia, Indonesia shares support with other BRICS members for reform of global governance institutions. »
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Brazil further emphasizes that Indonesia aligns ideologically with the theme of its BRICS presidencywhich has been described as a “improving cooperation from the Global South for more inclusive and sustainable governance”.
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The Global South Comes Together
The BRICS+ have expanded in recent months, in a context of dedollarization. The war in Ukraine has accelerated the desire of Russia and its allies to create a strong geopolitical group, which historically also includes China and India.
This year, other emerging economies joined the grouping: Iran, Egypt, Ethiopia, United Arab Emirates, Saudi Arabia and Argentina. The group, which aims to compete with the G7, now brings together 11 countries. In terms of demographics, they make up almost half of the Earth's population. In economic terms, they represent 35% of global GDP (44% for the G7).
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The BRICS+ favor the use of the yuan for their international trade and have positioned themselves firmly against the hegemony of the dollar. We also lend them a common currency project – or even a common cryptocurrency – even if its implementation would not prove to be complex at this stage.
New countries should also join the grouping: Thailand, Malaysia, Kazakhstan and Cuba are now among its partners.
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Source: Ministry of Foreign Affairs of Brazil
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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