Argentina’s President Milei Withdraws BRICS Membership Bid

President Javier Milei of Argentina has made a decisive move by officially retracting the country’s anticipated entry into the BRICS alliance, announced on Friday.

In a series of letters dispatched to BRICS leaders, Milei cited the current unfavorable circumstances as the primary rationale behind Argentina halting its full-fledged inclusion in the alliance.

The BRICS consortium, consisting of the G20 nations Brazil, Russia, India, China, and South Africa, had previously unveiled plans to expand its membership by admitting six new countries. Among these, Argentina, along with Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates, was poised to become a member starting from January 1, 2024.

Milei, recognized for his libertarian ideology and recent electoral triumph, underscored his administration’s distinct foreign policy, diverging significantly from the decisions of the previous government. Signifying openness to direct discussions, Milei conveyed his willingness to engage in dialogues with each of the five BRICS leaders.

The current president’s opposition to joining BRICS starkly contrasts with the stance of his predecessor, Alberto Fernandez, who viewed alliance membership as a gateway to accessing new markets.

During his campaign, Milei firmly aligned Argentina’s geopolitics with the United States and Israel, adamantly rejecting any association with communist regimes. Despite his prior criticism of countries operating under communism and his initial stance against maintaining diplomatic ties with them, Milei’s recent approach post-assuming office has showcased a more conciliatory tone.

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Identifying as an “anarcho-capitalist,” Milei swiftly introduced deregulatory measures, aiming to counter decades of state interventionism in Argentina’s economy. His initial policies have tilted toward austerity measures, emphasizing the urgency for a “shock treatment” to address the country’s financial standing.

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Highlighting economic challenges inherited from previous administrations, Milei has emphasized the necessity of austerity, citing a perceived lack of funds and the looming threat of hyperinflation as immediate concerns requiring urgent attention.