Presidential candidate Prabowo Subianto has stated that Indonesia is considering joining the BRICS economic group as it may benefit the country’s economy. This announcement was made during a campaign speech on foreign policy strategy. Subianto, who is the current defense minister of Indonesia, mentioned that there is no reason for his country not to join the group if it would be advantageous for its economy.
He clarified that becoming a part of BRICS would not contradict Indonesia’s non-bloc principles, as the group is primarily focused on economic aspects rather than political. Subianto emphasized that Indonesia has always pursued an independent foreign policy. He highlighted the fact that the country’s economy is heavily reliant on trade, making it essential for political decisions to be guided by economic interests.
BRICS is currently composed of Brazil, Russia, India, China, and South Africa. Subianto noted that the inclusion of other countries in the expanded group, such as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, would make it economically larger than the G7. The G7 is an alliance of industrialized and developed countries consisting of the US, Canada, the UK, France, Italy, Germany, and Japan.
In 2022, the BRICS+ countries accounted for 36% of the global economy, surpassing the G7’s 30%. Analysts predict that the BRICS+ share is projected to increase to 45% by 2040, while the G7 economies are expected to only account for 21%. These statistics indicate the economic strength and potential growth of the BRICS+ group in comparison to the G7.
Subianto’s proposition has sparked discussions about Indonesia’s potential involvement in the BRICS economic group. While some argue that it could provide new opportunities for trade and economic growth, others have expressed concerns about the potential impact on the country’s foreign policy and existing trade partnerships. Subianto’s statements have also raised questions about the eligibility and requirements for Indonesia to join the BRICS group, as well as the implications for its domestic and international economic policies.
The news of Indonesia’s contemplation to join BRICS has generated significant interest and debate among economists, policymakers, and the public. It has become a topic of discussion in the global economic arena, with implications for Indonesia’s future economic strategies and geopolitical relationships. As the presidential elections in Indonesia approach, the potential decision to join BRICS is expected to play a crucial role in shaping the country’s economic direction and foreign policy agenda.