Argentina Rejects Joining BRICS Bloc, Citing Inopportune Moment
Argentina’s President Javier Milei has formally announced that Argentina will not be joining the BRICS bloc of developing economies. In a letter addressed to the leaders of Brazil, Russia, India, China, and South Africa, Mr. Milei stated that the current moment is not opportune for Argentina to become a full member. The letter, dated December 22, was released by the Argentine government on the last working day of 2023.
Argentina was among six countries invited in August to join the bloc, which would have expanded it to an 11-nation alliance. However, due to the deepening economic crisis in Argentina, Mr. Milei has decided against joining. His predecessor, former President Alberto Fernandez, had endorsed joining the alliance as an opportunity to access new markets. The BRICS bloc currently represents about 40 percent of the world’s population and over a quarter of the world’s GDP.
Mr. Milei’s presidency marks a significant shift in Argentina’s foreign and economic policy. As a self-proclaimed “anarcho-capitalist,” he has implemented measures to deregulate the economy, which has historically been characterized by strong state interventionism. In terms of foreign policy, he has aligned himself with the “free nations of the West,” particularly the United States and Israel.
During his campaign, Mr. Milei criticized countries ruled by communism and expressed his intention to sever diplomatic relations with them, despite increasing Chinese investment in South America. However, in his letter to his counterparts in Brazil and the full BRICS members, Mr. Milei proposed strengthening bilateral ties and increasing trade and investment flows. He also expressed his willingness to hold meetings with each of the five leaders.
Overall, Argentina’s decision not to join the BRICS bloc reflects the country’s current economic turmoil and President Milei’s ideological stance. While rejecting full membership, Argentina remains open to enhancing relations with individual BRICS countries.
