Argentina Withdraws From BRICS

Context: The newly elected far-right President of Argentina, Javier Milei, pulled out of plans to join the BRICS bloc.

Former centre-left President Alberto Fernandez had promoted Argentina’s inclusion in BRICS.
Argentina had been set to join on January 1, 2024.

Why Argentina Withdraws From BRICS?

Need to Review: As per the new Argentina’s President, the decision to join BRICS had been taken by the previous administration and the new dispensation was reviewing such policies.
Geopolitical Alignment: Argentina’s new President cited China’s communist ideology as a pivotal factor in Argentina’s decision to disengage from BRICS.

Continue Reading: Argentina Formally Rejects BRICS Membership: Reasons, and Consequences

BRICS started in 2001 as BRIC, an acronym coined by Goldman Sachs for Brazil, Russia, India, and China.
- South Africa was added in 2010.
Together, BRICS countries represent 27% of the world’s land mass, and 42% of the world’s population, 24% of global GDP, and 16% of Global trade, and produce 33% of the world’s food.
The 1st BRIC summit was held in Yekaterinburg, in Russia in 2009.
Principles Governing BRICS Relations:
- Solidarity
- Openness
- Pragmatism
- Neutrality (regarding third parties)
- Non-bloc nature