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Home/Current Affairs/Argentina Withdraws From BRICS

Argentina Withdraws From BRICS

2 Jan 2024

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

About BRICS

  • 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


News Source: Financial Express

 

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