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Airlangga Stated That Membership In BRICS Could Stimulate Indonesia's Economic Growth

Coordinating Minister for Economic Affairs Airlangga Hartarto stated that Indonesia's membership in BRICS could significantly contribute to national economic growth by 2025. 

Indonesia's participation in this economic bloc, which includes Brazil, Russia, India, China, and South Africa, is seen as a means to create new trade opportunities and strengthen Indonesia's position in global economic cooperation. 

BRICS, which accounts for nearly 60 percent of global GDP, represents an economic bloc with substantial market potential. 

"The major markets here (in BRICS) are primarily China, followed by India and Russia, along with Indonesia," Airlangga remarked during a press conference at the Office of the Coordinating Ministry for Economic Affairs in Jakarta on Wednesday. 

He noted that Indonesia's membership in BRICS facilitates the optimization of trade with the three key countries in the bloc: China, India, and Russia. 

China has already become Indonesia's main trading partner through the ASEAN-China Free Trade Agreement (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP), both of which were initiated by Indonesia. 

The existence of BRICS further enhances trade opportunities with China. 

Meanwhile, Indonesia has completed 80 percent of the negotiations for trade cooperation with the Eurasian Economic Union (EAEU) concerning Russia. 

Airlangga explained that if Indonesia can finalize this agreement, trade with Russia and the former Soviet states could see a significant increase. 

"Eurasia consists of several countries that were formerly part of the Soviet Union. The negotiations with Eurasia are also 80 percent complete. If we can finalize this within the year, we will fully open trade, which will facilitate our discussions within the context of BRICS," he elaborated

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Tag: Airlangga Hartarto BRICS