Argentina President Javier Says They Won't Join BRICS

Argentina, under the leadership of its new far-right populist President Javier Milei, formally declared on Friday that it will not be joining the BRICS bloc of developing economies, AP reports.

This decision marks a significant shift in Argentina's foreign and economic policy. In a letter addressed to the leaders of Brazil, India, China, Russia, and South Africa - all alliance members - Milei expressed that the current moment was not "opportune" for Argentina to become a full member.

The Argentine government released the letter, dated December 22, on the last working day of 2023.

Initially invited in August to join the bloc comprising Brazil, India, China, Russia, and South Africa, Argentina was set to become the eleventh member on January 1, 2024.

However, the announcement comes against the backdrop of a deepening economic crisis in Argentina.

Populist President Javier Milei's Impact on Argentina's Foreign Policy

Argentina President Javier Milei, a populist right-wing outsider, achieved a surprise election victory in November, succeeding left-wing Peronist Alberto Fernández.

This shift in leadership brought about radical pledges from Milei to overhaul Argentina's ailing economy. In the letter addressed to BRICS leaders, Milei stated that his government's foreign policy diverges significantly from the previous administration's.

While he deemed it inappropriate for Argentina to become a full BRICS member, Javier Milei expressed a commitment to strengthening bilateral ties, particularly in enhancing trade and investment flows, BBC noted.

Notably, the BRICS alliance, often seen as promoting a multipolar world, is economically dominated by China, accounting for over 70% of the bloc's combined GDP.

Javier Milei's Ideological Standpoint and Economic Measures

President Javier Milei identifies himself as an "anarcho-capitalist," representing a current within libertarianism that aspires to eliminate the state, according to VOA News.

He has implemented measures to deregulate Argentina's economy, which historically experienced strong state interventionism.

In terms of foreign policy, Milei aligns with the "free nations of the West," expressing affinity towards the United States and Israel.

During his campaign, he criticized countries ruled by communism and voiced opposition to maintaining diplomatic relations with them despite China's growing investment in South America.

In the letter to BRICS leaders, Milei proposed intensifying bilateral ties and increasing trade and investment flows.

This stance underlines Argentina's delicate economic and political position as it grapples with decades of mismanagement, soaring inflation, low cash reserves, high government debt, and a significant portion of the population living below the poverty line.

Meanwhile, Javier Milei's administration has already devalued Argentina's currency by over 50% as part of his economic shock therapy plans.

The country faces soaring inflation, low cash reserves, high government debt, and a significant portion of the population living below the poverty line.

Argentina's changing attitudes and the abandonment of BRICS membership plans highlight the complexity of its economic and political situation.

With Brazil and China being Argentina's two largest trading partners within BRICS, maintaining good working relations with all three - including the US - is crucial.

As Milei considers aligning more towards Washington than Beijing, the country's future foreign policy direction becomes increasingly significant.

This article is owned by Latin Post.

Written by: Bert Hoover

WATCH: Argentina's new government reverses decision to join BRICS - From SABC News