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
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.
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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.
Milei, who defines himself as an “anarcho-capitalist” – a current within liberalism that aspires to eliminate the state – has implemented a series of measures to deregulate the economy, which in recent decades has been marked by strong state interventionism.
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Throughout the campaign for the presidency, Milei also disparaged countries ruled “by communism” and announced that he would not maintain diplomatic relations with them despite growing Chinese investment in South America.
Milei also expressed his readiness to hold meetings with each of the five leaders.
