Argentina formally announces it won't join the BRICS alliance in Milei's latest policy shift
ABC News
Argentina has formally announced it won't join the BRICS bloc of developing economies
BUENOS AIRES -- Argentina formally announced Friday that it won't 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 letter addressed to the leaders of Brazil, Russia, India, China and South Africa — all members of the alliance — Milei said the moment was not “opportune" for Argentina to join as a full member. The letter was dated a week ago, Dec. 22, but released by the Argentine government on Friday, the last working day of 2023.
Argentina was among six countries invited in August to join the bloc made up of Brazil, Russia, India, China and South Africa to make an 11-nation bloc. Argentina was set to join Jan. 1, 2024.
The move comes as Argentina has been left reeling by 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 account for about 40% of the world’s population and more than a quarter of the world’s GDP.
