Argentina formally announced on Friday that it will not join the BRICS, a bloc of countries with emerging economies. This is the latest dramatic change in foreign and economic policy by the new far-right Argentine president, Javier Milei.
In a letter addressed to the five members of the BRICS – Brazil, Russia, India, China and South Africa – Milei said the time is not “opportune” for Argentina to join as a full member.
The letter is dated December 22, but was released by the Argentine government this Friday, the last working day of 2023.
Argentina was one of six countries invited in August to join the bloc made up of Brazil, Russia, India, China and South Africa to form an 11-nation bloc. Argentina should join on January 1, 2024.
Milei’s decision comes at a time when Argentina is suffering from the deepening economic crisis.
Milei’s predecessor, former center-left President Alberto Fernandez, endorsed joining the alliance as an opportunity to reach new markets.
The BRICS currently represent approximately 40% of the world’s population and more than a quarter of the world’s gross domestic product (GDP).
Milei, who describes himself as an “anarcho-capitalist” – a movement within liberalism that aims to eliminate the state – has implemented a series of measures to deregulate the economy, which has been characterized by strong state intervention in recent decades.
In foreign policy, Milei proclaimed full alignment with the “free nations of the West,” especially the United States and Israel.
During the presidential campaign, Milei also disparaged countries ruled “by communism” and announced that he would not maintain diplomatic relations with them despite growing Chinese investment in South America.
In the letter addressed to his counterpart Luiz Inácio Lula da Silva in neighboring Brazil, and the rest of the leaders of the full members of the BRICS – Xi Jinping of China, Narenda Mondi of India, Vladimir Putin of Russia and Matamela Ramaphosa of Africa do Sul — Milei proposed strengthening bilateral ties and increasing trade and investment flows.
Milei also expressed her availability to hold meetings with each of the five leaders.
Source: DN
