At Brics summit, Argentina’s bid for membership is up for discussion and subject to debate
- The coalition of Brazil, Russia, India, China and South Africa is considering expansion of its ranks this year and Argentina is one leading candidate
- But caution by existing Brics members and the opposition of some in Buenos Aires might scuttle the application’s chances
As Brics, the coalition of emerging economies made up of Brazil, Russia, India, China and South Africa, begin discussions at its 15th summit starting on Tuesday in Johannesburg, the biggest debates may revolve around a country that is not even a member: Argentina.
For the first time in 13 years – South Africa, this year’s host, joined in 2010 – the group is considering expanding its ranks.
Argentina, which has applied for entry, regards membership as a way to improve its economy, which has endured inflation of 60 per cent this year alone, a significant devaluation of its peso and the refinancing of a US$46 billion debt to the International Monetary Fund.
Brazil, fearing Brics would become an anti-Western club that could harm its interests in the US and Europe, has long resisted expansion, which was officially proposed by the Chinese in 2021.
When Luis Inacio Lula da Silva was elected Brazilian president last year, though, he changed the picture and for the first time spoke openly in favour of Argentina joining the group. It was the only one of five Latin American and Caribbean applicants – Bolivia, Cuba, Honduras and Venezuela were the others – that could count on his support.
But the results of Argentina’s presidential primaries – in which the far-right libertarian Javier Milei emerged as the favourite for the October election – may have jeopardised the nation’s candidacy and renewed a sense of caution about admitting new members to Brics.