Argentina Scraps Plan to Join BRICS

Facts

• On Friday, a letter signed by newly elected Argentine Pres. Javier Milei revealed that the country wouldn't be joining the BRICS economic bloc of developing economics as planned. Argentina's entrance was set to take effect on Jan. 1.¹
• The bloc — which consists of Brazil, Russia, India, China, and South Africa — announced in August that Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates were to become members in 2024.²
• In the letter addressed to the heads of state of the BRICS countries, Milei said that the time was not 'opportune' while saying that he still wished to deepen ties between Argentina and the BRICS members and was open to discussions with their leaders.³
• In his statements, Milei has struck a pro-Western tone on the foreign policy front, praising the US and Israel and disparaging countries he deemed to be ruled 'by communism,' even saying he would end diplomatic relations with such nations.⁴
• In November, Milei won a surprise presidential victory against left-wing Pres. Alberto Fernández, who sought to align Argentina closer to BRICS, an alliance seen as a counterweight to the West.⁵
• BRICS nations account for 40% of the world's population and over 25% of its GDP. Argentina, in an economic crisis, has seen the self-described 'anarcho-capitalist' Milei pursue a campaign of economic deregulation in a nation with a history of state economic intervention.³

Sources: ¹Al Jazeera, ²Dw.Com, ³Guardian, ⁴South China Morning Post and ⁵UPI.

Narratives

• Pro-establishment narrative, as provided by Express.co.uk. It bodes well for Argentina that their new leader has firmly rejected being put under the yoke of China and other anti-Western regimes by joining BRICS. Steering away from the siren song of Chinese investment, Milei has staked Argentina's position as one that stands with the free countries of the world, even at the expense of geopolitical clout.
• Establishment-critical narrative, as provided by teleSUR English. Milei, with his unorthodox political views, has taken Argentina backward by spurning the BRICS alliance. As the country grapples with an economic crisis, it is perplexing that Milei has turned away from some of his largest trading partners and most important emerging markets. This short-sighted move will hurt Argentina in the long run.

Predictions