But his government still aims to ‘intensify bilateral trade’ and boost ’trade and investment flows.’
Javier Milei, Argentina’s newly elected president, wrote letters to the leaders of Brazil, Russia, India, China, and South Africa (BRICS), formalizing his decision that the country would not join the economic alliance.
The letter, dated Dec. 22 and released by Argentina’s government on Dec. 30, stated that it was “not considered appropriate at this time” for Buenos Aires to become a full member of the organization comprised of major emerging markets.
Mr. Milei, 53, noted that his foreign policy “differs in many aspects from that of the previous government.”
“In this sense, some decisions made by the previous administration will be reviewed,” he said.
The letter proposed to “intensify bilateral ties” and bolster “trade and investment flows,” adding that he is prepared to hold meetings with each of the BRICS leaders.
During the campaign trail and following the election, the libertarian economist frequently championed alignment with the “free nations of the West,” including the United States and Israel. He also vowed that his government was “not going to ally with communists.”
However, Mr. Milei and his cabinet have adopted a friendlier tone with China and Brazil, two of the nation’s largest trading partners.
At the August BRICS summit, the bloc announced that it was inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) to join the coalition as part of efforts to curb Western hegemony on the world stage. Membership was scheduled to take effect as of Jan. 1, 2024.
Former Argentine President Alberto Fernandez called the BRICS invite a “great opportunity” for the nation’s economy as it would establish a “new scenario” for a country enduring a currency and inflationary crisis.
“We open up possibilities of joining new markets, of consolidating existing markets, of raising investment coming in, of creating jobs and raising imports,” he stated this past summer.
Brazilian President Luiz Inacio Lula da Silva argued that it was “very important for Argentina to be in BRICS,” mainly because of the “suffocating” International Monetary Fund (IMF) loans. Argentina presently owes the global institution approximately $43 billion.
By Andrew Moran
