Being part of the group may be beneficial for the country’s economy, Prabowo Subianto says
Indonesia could join the BRICS economic group, presidential candidate Prabowo Subianto told reporters on Monday during a campaign speech on foreign policy strategy.
According to Subianto, who currently serves as defense minister, there is no reason for his country not to join the group if the move would benefit the economy.
He added that the possibility of becoming a BRICS member would not contradict Indonesia’s non-bloc principles as the group is economic in nature rather than political.
“We are a part of the G20, we are also part of ASEAN (the Association of Southeast Asian Nations), we are now part of APEC (Asia-Pacific Economic Cooperation), which is also not a geopolitical association, but an economic union… So we will see, if our economic interests benefit, why not join BRICS?” Subianto was quoted as saying as he campaigned ahead of presidential elections scheduled for February.
The minister stressed that Indonesia has always aspired to pursue an independent foreign policy. He emphasized that the country’s economy greatly depends on trade, which makes it crucial that any political decisions are guided first and foremost by economic interests.
BRICS currently comprises Brazil, Russia, India, China, and South Africa, but they will be joined by Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE in January. Based on analysts’ estimates, the expanded group (BRICS+) is already economically larger than the G7, an alliance of industrialized and developed countries that consists of the US, Canada, the UK, France, Italy, Germany, and Japan.
In 2022, the BRICS+ countries accounted for 36% of the global economy versus 30% for the G7. According to a Bloomberg forecast published last week, the BRICS+ share is likely to continue to rise, jumping to 45% by 2040 compared with 21% for the G7 economies.
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