Jakarta (ANTARA) - Trade Minister Budi Santoso said he is optimistic that Indonesia's inclusion as a full member of BRICS would increase national exports.
As the government is making efforts to increase exports, various collaborations will be explored to support foreign trade, he expounded.
"We are indeed carrying out regional and bilateral approaches for increasing our exports," he said here on Friday.
According to the minister, Indonesia has remained open to all kinds of economic cooperation, including through its accession to BRICS.
"Our decision to join BRICS was based on an in-depth study, which will hopefully bring mutual benefit," Santoso said.
According to the Center of Economic and Law Studies (CELIOS), Indonesia's full membership of the BRICS grouping will provide new benefits, especially in expanding its export market.
So far, Indonesia's exports have been dependent on traditional markets such as the US and Europe, CELIOS' economic director, Nailul Huda, noted.
"Joining BRICS will provide benefits for Indonesia to be free from traditional markets such as the US and Europe. Europe has actually begun to feel uneasy with Indonesia's export policy, which is often involved in disputes in global trade," he explained.
He said that Europe is currently starting to hinder Indonesia's foreign trade, for instance, through the implementation of the EU Deforestation Regulation (EUDR), which challenges the exports of palm oil.
He further explained that Indonesia is demonstrating the value of non-aligned leadership by not siding with one bloc, whether BRICS or OECD.
However, he said, the choice of political and economic coalitions can encourage future economic growth.
The BRICS alliance, comprising Brazil, Russia, India, China, South Africa, and four other member countries, in addition to Indonesia, has emerged as a global bloc with the potential to significantly change the world's economic map and order.
It also has 12 partner countries—Thailand, Malaysia, Vietnam, Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Nigeria, Turkey, Uganda, and Uzbekistan.
BRICS accounts for 37.82 percent of the global gross domestic product (GDP) and 48 percent of the world's total population.
