After welcoming four new members in 2024, BRICS now has 10 member countries, following Indonesia’s official accession as a full member. Brazil, which currently holds the rotating presidency of the group, announced this on Monday, January 6, 2025. Brazil congratulated Indonesia and described its decision to join BRICS as a strategic move full of potential.
In an era marked by profound transformations in global economic governance, the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has emerged as a driving force in advancing multilateralism. In October, Indonesia Foreign Minister Sugiono attended the BRICS Plus Summit in Kazan, Russia, to express Indonesia’s interest in joining the economic bloc.
The Indonesian government has officially imposed high import duties on ceramic products from China as part of its anti-dumping measures. These duties were implemented through Minister of Finance Regulation (PMK) No. 70 of 2024, signed by Finance Minister Sri Mulyani on October 9, 2024. The regulation came into effect on October 14, 2024, and will remain valid for five years.
Climate change is significantly affecting global trade and economic development. Extreme weather events disrupt supply chains, damage critical transport infrastructure, and limit mobility. Over 80% of global trade in goods and commodities relies on waterways for transportation. However, climate change poses significant risks to the efficient operation of these waterways, canals, and seaports, making it a critical threat to global trade.
The US-China trade war, a defining feature of modern global economic tensions, has sent ripples across international trade, affecting countries far beyond its two primary participants. Many developing economies, including Indonesia, rely heavily on the US and China as key export markets and integral hubs in global industrial chains and networks.
The Indonesian economy relies heavily on garment exports. The textile and textile product industry is a labor-intensive sector and a cornerstone of the economy. Over the past nine years, the situation in 2023 and 2024 marks the most challenging period for Indonesia’s textile industry.
Donald Trump has declared victory in the 2024 U.S. presidential election, a development likely to bring significant shifts and challenges to global trade. Known for his “America First” policies, Trump has consistently advocated for tougher trade regulations, focusing on tariffs and renegotiating trade deals to benefit U.S. industries. His return to office could bring back an era of economic nationalism, with potential challenges on global trade and supply chains.
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