Argentina, under the new right-wing President Javier Milei, formally announced that it will not be joining the BRICS bloc of developing economies. In a letter dated December 22, addressed to the leaders of Brazil, Russia, India, China, and South Africa, President Milei expressed that the moment was not “opportune” for Argentina to join as a full member. This decision came as a dramatic shift in the country’s foreign and economic policy.
Argentina was among six countries invited in August to join the bloc, which was set to make an 11-nation alliance on January 1, 2024. The move comes as Argentina has been facing a deepening economic crisis. President Milei’s predecessor, former President Alberto Fernandez, had endorsed joining the alliance as an opportunity to reach new markets. The BRICS currently account for about 40 percent of the world’s population and more than a quarter of the world’s GDP.
As an “anarcho-capitalist,” President Milei has implemented a series of measures to deregulate the economy, which has been marked by strong state interventionism in recent decades. In foreign policy, he has proclaimed full alignment with the “free nations of the West,” especially the United States and Israel. He expressed a readiness to hold meetings with BRICS leaders and proposed to “intensify bilateral ties and increase trade and investment flows” despite his previous criticism of countries ruled by communism and his decision not to maintain diplomatic relations with them.