Indonesia joins BRICS bloc as full member; How does this Impact the Philippines
Indonesia joins BRICS bloc as full member, Brazil says | Reuters
Indonesia will formally join BRICS as a full member, Brazil's government said on Monday, further expanding the group of major emerging economies that also includes Russia, India, China and South Africa.
Indonesia is the 10th member after Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) became BRICS members this year.
Malaysia, Vietnam and Thailand are also seeking membership along with nine other emerging countries being Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Nigeria, Turkey, Uganda and Uzbekistan.
Since most of our ASEAN neighbors will practically be BRICS members in a couple of years, what does this mean to our Economy? Well, there are two main points
We will have lesser influence on Regional Economic Concerns since we will be outnumbered already. Hopefully this does not have direct impact on Geopolitical Concerns as well.
There might be bigger competition for Foreign Investments as BRICS members have financial and banking access to BRICS' New Development Bank (NDB) which can boost their Infra and Business Environment.