Argentina confirms it will not join Brics alliance in Milei’s latest policy shift

In a letter addressed to the leaders of the Brics block of developing economies, Milei said the moment was not ‘opportune’ for Argentina to join

Milei’s predecessor, former centre-left president Alberto Fernandez, endorsed joining the alliance as an opportunity to reach new markets

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Argentina’s President Javier Milei. Photo: Reuters

Published: 6:14am, 30 Dec 2023

Argentina formally announced on Friday that it will not join the Brics bloc of developing economies, the latest in a dramatic shift in foreign and economic policy by Argentina’s new far-right populist President Javier Milei.

In a letter addressed to the leaders of the Brics alliance, Milei said the moment was not “opportune” for Argentina to join as a full member. The letter was dated a week ago, December 22, but released by the Argentine government on Friday, the last working day of 2023.

Argentina was among six countries invited in August to join the bloc made up of Brazil, Russia, India, China and South Africa to make an 11-nation bloc. Argentina was set to join on Monday.

The move comes as Argentina has been left reeling by a deepening economic crisis.

Milei’s predecessor, former centre-left president Alberto Fernandez, endorsed joining the alliance as an opportunity to reach new markets. The Brics currently account for about 40 per cent of the world’s population and more than a quarter of the world’s GDP.

But economic turmoil left many in Argentina eager for change, ushering chainsaw-wielding political outsider Milei into the presidency.