Page 11 - The Indian EYE 022825

OPINION FEBRUARY 28, 2025 | The Indian Eye 11

One critical factor for the attractiveness of BRICS to developing nations lies in its focus on and dedication to addressing the common development challenges
facing Global South countries (File photo)

It also strengthens the BRICS op- increased role in global politics, and terms could strengthen its position at the Kazan Summit. Moreover, 30
erational basis, i.e., the principles of its association with the BRICS coun- further. As a multilateral develop- countries showed interest in joining
mutual respect, openness, solidarity, tries will propel it. Indonesia’s experi- ment bank, NDB offers ASEAN BRICS. The lack of inclusiveness and
consensus, international law and co- ences dealing with the popular Asian nations its strengths in mobilizing representativeness in formal multi-
operation. “noodle bowl,” i.e., the proliferation resources for infrastructure and sus- lateral institutions like the IMF and
However, Indonesia’s joining is of overlapping free trade agreements, tainable development projects in the World Bank has encouraged the
not its first exchange with BRICS. show its strengths in foreign econom- BRICS and Global South countries. emergence of informal forums like
As a BRICS outreach country, the ic policy. In addition, its diplomacy It can enhance Indonesia’s efforts in BRICS Plus.
Minister for Foreign Affairs of the could balance the geopolitical inter- energy transition by financing energy Along with the NDB, estab-
Republic of Indonesia, Sugiono, ests of major powers in the region. transition projects. The forum can ac- lishing the Contingent Reserve Ar-
met with the NDB President Dilma Under the BRICS mechanism, the celerate Indonesia’s aim of becoming rangement in 2015 with $100 billion
Rousseff on the sidelines of the 16th member countries can engage with a key global electric vehicle battery has strengthened the existing global
BRICS Summit in Kazan, Russia, those countries in their regional prox- hub, as the country has the world’s financial safety net for the CRA sig-
on 23 October 2024. The President imity through BRICS development largest nickel reserves. Moreover, In- natory countries. The BRICS CRA
noted that Indonesia’s national stra- projects. Now, Indonesia can also donesia’s membership is also condu- also complements existing interna-
tegic programmes match the NDB’s perform similar cooperation exer- cive when it is undergoing its capital tional monetary and financial ar-
mandate and highlighted the poten- cises in the region. The scope of fur- relocation from Jakarta to Nusantara rangements, such as the International
tial for future cooperation. President ther expansion is not remote to other due to climate vulnerabilities and re- Monetary Fund, as an additional line
Rousseff also met with the Minister countries, especially Malaysia and gional development disparities. The of defense in the case of a balance of
of Economy of Malaysia, another Thailand, which are already BRICS capital relocation is also about rede- payment crisis.
Outreach country, on the sidelines of Partner countries. The Partner coun- fining its regional and global power ASEAN nations are well-ex-
the Summit. tries can be invited to participate in role. perienced in formally informal en-
Indonesia’s BRICS policy aligns discussions organized by the BRICS One critical factor for the at- gagements in a complex region with
with the forum by supporting the re- mechanism based on the consensu- tractiveness of BRICS to developing geopolitical challenges. It could be
form of the global governance insti- al approval of the BRICS member nations lies in its focus on and dedi- beneficial when they participate in
tutions and contributing significantly states. cation to addressing the common de- the BRICS Plus, which has coun-
to the deepening of Global South co- For Indonesia and other ASEAN velopment challenges facing Global tries with different political systems
operation. nations, BRICS provides economic South countries. In its development but shared values and common in-
By joining the forum, the coun- opportunities to further their nation- projects, BRICS does not come with terests in strengthening global mul-
try aims to boost President Prabowo al development agenda. BRICS Plus the conditions of liberalization and tilateralism.
Subianto’s target of increasing GDP is a partner to 28 per cent of coun- structural reforms as in the Bretton Dr. Mehdi Hussain is
growth to 8 per cent from the pres- tries globally, allowing Indonesia to Woods institutions, such as the World a Research Associate at Indian Council
ent growth projection of five per cent engage better in multilateral trade, Trade Organization’s Doha trade of World Affairs, New Delhi.
for the next two years. It will open infrastructure financing and techno- deal. BRICS does not use free trade Views expressed are personal
new economic opportunities, attract logical collaboration. agreements (FTAs) to enhance its
investment and strengthen its global India and China are already the global development objectives. The This article first appeared in the web ar-
influence. major importers of palm oil in the fo- growing clout of BRICS can be seen ticles section of the website (www.icwa.
Indonesia’s BRICS membership rum. It is the world’s largest thermal from the participation of 33 countries in) of Indian Council of World Affairs,
is also about its ambition to play an coal exporter, and favorable trade and six international organizations New Delhi, on February 19, 2025

www.TheIndianEYE.com