Argentina officially declared that it will not be joining the BRICS bloc of developing economies. This decision reflects a notable shift in foreign and economic policy under Argentina's new far-right populist president, Javier Milei.

In a letter directed to the founding members of the alliance — Brazil, Russia, India, China, and South Africa — Milei conveyed that the current moment is not "opportune" for Argentina to become a full member. Although dated a week ago the letter was released by the Argentine government on the last working day of 2023.

Argentina, initially one of six countries invited in August to join the BRICS group, expanding it into an 11-nation bloc, has officially announced its withdrawal from the planned inclusion. The country was slated to become a full member on January 1.

This decision coincides with Argentina grappling with an intensifying economic crisis, marking a notable divergence from its earlier trajectory to join the influential BRICS bloc. The move underscores the significant challenges the nation faces on the economic front, prompting a reevaluation of its foreign policy commitments.

Milei's predecessor, former center-left President Alberto Fernandez, had endorsed the idea of Argentina joining the BRICS alliance, viewing it as an opportunity to access new markets. The BRICS countries collectively represent approximately 40% of the world's population and contribute over a quarter of the global GDP.

However, economic challenges and a desire for change led to the election of political outsider Milei, who, as president, has implemented a series of measures to deregulate the economy. Milei is identified as an "anarcho-capitalist," aligning with a strain within libertarianism that seeks to eliminate the state. This marks a departure from the previous decades characterized by significant state interventionism in Argentina's economy.

In terms of foreign policy, Javier Milei has declared unwavering alignment with the "free nations of the West," with a particular emphasis on the United States and Israel. Throughout his presidential campaign, Milei openly criticized countries governed by communism, affirming his intent not to maintain diplomatic relations with such nations, even amidst increasing Chinese investments in South America.

In a letter addressed to his counterpart Luiz Inácio Lula Da Silva in neighbouring Brazil and the leaders of BRICS members—Xi Jinping of China, Narendra Modi of India, Vladimir Putin of Russia, and Cyril Ramaphosa of South Africa—Milei has proposed to "intensify bilateral ties" and boost "trade and investment flows."

Additionally, Milei expressed his willingness to hold meetings with each of the five leaders, indicating a nuanced approach to diplomatic relations despite earlier rhetoric.

Image source: VOA News