Argentina officially announces that it will not join the BRICS group

Argentina officially announced on Friday that it will not join BRICS, a bloc of countries with emerging economies, in the latest radical change in foreign and economic policy by Argentina's new far-right president, Javier Miley. In a letter addressed to the five members of the BRICS group – Brazil, Russia, India, China and South Africa – Miley said that the time was not “right” for Argentina to join as a full member.

The letter is dated December 22, but the Argentine government published it today, the last working day of 2023. Argentina was among the six countries invited in August to join the bloc formed by Brazil, Russia, India, China and South Africa to form an 11-nation bloc. Argentina was supposed to join on January 1, 2024.

Miley's decision comes at a time when Argentina is suffering from a worsening economic crisis. Miley's predecessor, centre-left former President Alberto Fernandez, agreed to join the alliance as an opportunity to access new markets. The BRICS countries currently represent about 40% of the world's population and more than a quarter of the world's gross domestic product.

Miley, who defines himself as an “anarcho-capitalist” — a trend within liberalism that aspires to eliminate the state — implemented a series of measures to liberalize the economy, which in recent decades had been characterized by strong state intervention. In foreign policy, Miley declared a total alliance with the “free nations of the West”, especially the United States and Israel.

Throughout the presidential campaign, Miley also disparaged “communist”-ruled countries and declared that he would not maintain diplomatic relations with them, despite increasing Chinese investments in South America.

However, it was mentioned in the letter addressed to his Brazilian counterpart Luiz Inacio Lula da Silva and the rest of the leaders of the full BRICS member states – Xi Jinping of China, Narinda Munde of India, Vladimir Putin of Russia, and Matamela Ramaphosa of Africa. Do Sul – Milley proposed “intensifying bilateral relations” and increasing “trade and investment flows.” Miley also expressed her willingness to hold meetings with each of the five leaders.