Argentina has formally announced that it will not join the Brics bloc of developing economies, the latest in a dramatic shift in foreign and economic policy by Argentina’s new far-right populist president, Javier Milei.
In a correspondence directed to the heads of Brazil, Russia, India, China, and South Africa, all of whom are part of the alliance, Milei stated that it was not a favorable time for Argentina to become a complete member. The letter was dated one week ago, on December 22nd, but was made public by the Argentinian government on Friday, the final business day of 2023.
In August, Argentina was one of six countries asked to join the bloc, which currently consists of Brazil, Russia, India, China, and South Africa. The bloc would then consist of eleven nations and Argentina was scheduled to become a member on January 1, 2024.
Argentina has been thrown into turmoil due to a worsening economic crisis, prompting this decision.
Milei’s forerunner, ex-president Alberto Fernández from the center-left, supported the idea of joining the alliance as a chance to access new markets. The Brics currently make up approximately 40% of the global population and over a quarter of the world’s GDP.
However, the economic crisis led to a desire for change among many in Argentina, resulting in the unexpected election of Milei, a political outsider known for his radical views and tactics.
Milei, who identifies as an “anarcho-capitalist” – a branch of liberalism that aims to abolish the state – has put into action several steps to decrease regulations in the economy, which has been heavily influenced by state intervention in the past decades.
In terms of international relations, he has declared complete support for the “free nations of the west,” particularly the United States and Israel.
During his bid for the presidency, Milei criticized countries governed by communism and declared that he would not establish diplomatic ties with them, despite the increasing Chinese investments in South America.
However, in the letter addressed to his counterpart Luiz Inácio Lula da Silva in neighboring Brazil and the rest of the leaders of full Brics members – Xi Jinping of China, Narendra Modi of India, Vladimir Putin of Russia and Cyril Ramaphosa of South Africa – Milei proposed to “intensify bilateral ties” and increase “trade and investment flows”.
Milei stated that he is prepared to have individual meetings with all five leaders.
Source: theguardian.com
