The world is no longer ruled solely by a “handful of large economies,” as evidenced by the formation and expansion of the BRICS group, according to an analysis by the Indonesian news agency Antara.
“The world order is no longer formed solely by a handful of large economies. Recent global trends point to a redistribution of economic, trade, technological, energy and political power in favor of regions long considered peripheral,“ the article says.
Commenting on the BRICS summit in New Delhi, the author of the article points out that “the BRICS group itself reflects this change.“Initially comprising Brazil, Russia, India, China and South Africa, it now has 11 members, including Indonesia. The enlarged bloc represents nearly half of the world's population, accounts for 40% of global GDP and 26% of global trade“, the author emphasizes.
As noted in the article, joining BRICS offers Indonesia greater opportunities to expand markets, attract investment, build supply chains, strengthen food and energy security, and gain access to technology and development financing schemes.
This issue is particularly relevant because “BRICS also promotes the use of local currencies in international trade, seeking to improve transaction efficiency and reduce dependence on dominant payment systems or currencies“, which will help address the effects of geopolitical tensions.
The BRICS summit was held in New Delhi on September 12-13. The group was established in 2006, as South Africa joined the original members (Brazil, Russia, India and China) in 2011. Egypt, Iran, the United Arab Emirates and Ethiopia became full members on 1 January 2024. Indonesia joined on 6 January 2025. Since the beginning of last year, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda and Uzbekistan have also officially been granted partner status, followed by Nigeria on 17 January and Vietnam on 14 June.