Argentina’s new far-right populist President Javier Milei has formally announced that it won’t join the BRICS bloc of developing economies.
- In a letter addressed to the leaders of Brazil, Russia, India, China and South Africa — all members of the alliance — Milei said the moment was not “opportune” for Argentina to join as a full member.
- BRIC term was given by economist Jim O’Neill in 2001, then at Goldman Sachs Group Inc.
- The main objective behind the term was to throw a spotlight on the strong economic growth rates in Brazil, Russia, India, and China.
- The term was seen as an optimistic scenario for investors.
- The BRIC club held its first leaders’ summit in 2009.
- Later, South Africa joined the grouping a year later, adding another continent and the letter “S”.
- The announcement of the addition of 6 nations including Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates was set to take effect from January 1, 2024. However, Argentina pulled off its name after Milei took over as the president.
