Argentina was one of six countries invited in August to join BRICS (Brazil, Russia, India, China, South Africa) to form an 11-nation bloc.
Argentina officially announced Friday that it will not join the developing economy bloc BRICS, the latest in radical foreign and economic policy changes by new populist Argentine President Javier Milei.
In a letter to the leaders of Brazil, Russia, India, China and South Africa – all members of the alliance – Mr Milei said now was not the time “opportune” for Argentina to become a full member. The letter was dated a week ago, December 22, but released by the Argentine government on Friday, the last working day of 2023.
Argentina was one of six countries invited in August to join BRICS to form an 11-nation bloc. Argentina was due to join the group on January 1, 2024.
This decision comes as Argentina is reeling from the worsening economic crisis.
Mr. Milei’s predecessor, the center-left former president Alberto Fernandez, supported joining the alliance as an opportunity to reach new markets. The BRICS currently represent around 40% of the world’s population and more than a quarter of the world’s GDP.
But economic turmoil has left many Argentines eager for change, leading Mr. Milei, a political outsider, to the presidency.
The one who defines himself as a “anarcho-capitalist” – a current of liberalism which aspires to eliminate the State – has implemented a series of measures aimed at deregulating the economy, marked in recent decades by strong state interventionism.
In terms of foreign policy, he proclaimed total alignment with the “free nations of the West”particularly the United States and Israel.
Throughout the presidential campaign, Mr. Milei also denigrated the countries governed “by communism” and announced that he would not maintain diplomatic relations with them, despite increasing Chinese investment in South America.
However, to his counterpart Luiz Inácio Lula Da Silva of neighboring Brazil and other leaders of full BRICS members – Xi Jinping, Narenda Mondi, Vladimir Putin and Matamela Ramaphosa – Mr Milei offered to“intensify bilateral ties” and increase “trade and investment flows”.
The new Argentine president also expressed his willingness to hold meetings with each of the five leaders.
