Under Russia's leadership, the BRICS+ alliance has attracted over 30 countries worldwide, drawn by its potential to enhance geopolitical standing and expand economic influence, particularly in non-Western markets across the Asia-Pacific, Africa, and Latin America, Metrotvnews reported.

Indonesia’s interest in becoming a BRICS member has remained steady since 2012, when debates over the future of this South-South grouping were widespread. At the time, Indonesia's development statistics positioned the nation as a fitting candidate for membership.

“Indonesia has the largest economy in Southeast Asia and is a demographic giant with a population of 248mn, making it the fourth most populous country in the world, ahead of Brazil and Russia,” the report noted on October 23.

In terms of South-South cooperation, and considering the redefined North-South dialogue in an increasingly multipolar world, Indonesia holds a significant place among countries shaping global transnational development.

Furthermore, Indonesia’s pragmatic foreign policy and long-term collaboration with countries in the region and beyond position it to amplify the collective voice of developing economies within BRICS.

“With Indonesia’s potential entry, BRICS will likely need to redefine, or rather fine-tune, its status as one of the most crucial inter-regional groupings of Global South countries,” the report stated.

Another crucial factor is investment, which developing countries heavily rely on. Foreign Direct Investment (FDI) into Indonesia, as well as Indonesia’s outbound FDI to less economically robust countries in Southeast Asia and beyond, could receive a significant boost through BRICS membership, facilitating stronger trans-regional cooperation.

“For instance, this could pave the way for increased South-South cooperation in Africa, with Indonesia playing a more substantial role in project generation and financing,” Eurasia Review suggested.

“With China and India's growing presence and involvement in Africa, Indonesia could take on a larger role, especially given the increasing amount of Official Development Assistance (ODA) provided by developing countries to the continent,” the report added.

Indonesia’s domestic market is vast, and its current economic boom is attributed to political stability and sound economic and monetary policies, which have consistently attracted FDI.

“In short, Indonesia is an economic force to be reckoned with, and its decision to join BRICS could have a significant impact on the credibility of the organisation. Indonesia’s membership would undoubtedly bolster BRICS’ capital composition and bring remarkable fiscal capabilities,” the editorial concluded.