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Joining BRICS, Indonesia Has The Potential To Serve As A Bridge For The Interests Of Developing Nations

Indonesia has officially become a full member of the alliance comprising Brazil, Russia, India, China, and South Africa (BRICS). 

Mari Elka Pangestu, a member of the National Economic Council (DEN), stated that Indonesia's membership in BRICS enhances its participation in various international forums. 

This development serves as a counterbalance, as Indonesia is not only engaged in forums with developed nations but is also active in those with developing countries. "We can serve as a bridge between the interests of developing nations and the issues that arise in multilateral forums, which we believe should be advocated for as a group of developing countries," Mari Elka remarked at the Presidential Palace Complex in Jakarta on Tuesday evening, January 7. 

Furthermore, Indonesia needs to further explore the agenda that concerns BRICS members, especially considering that BRICS has established The New Development Bank (NDB). 

"Whether this will evolve into a bank capable of providing funding for development projects is something we need to study in terms of its additional benefits," Mari stated. 

Additionally, Mari Elka emphasized that Indonesia's entry into BRICS does not interfere with the interests of the United States. She noted that the use of currencies other than the US dollar in trade transactions represents a potential evolution in the international financial landscape. 

For instance, there is already a local currency settlement (LCS) system in place for trade between Indonesia and China, and Malaysia has a similar system for its trade with China. 

"However, people still perceive that the dollar will remain dominant for the time being," Mari Elka concluded. 

Tag: BRICS Mari Elka Pangestu