30th December 2023 (8 Topics)

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Argentina rejects invitation to join BRICS nations

Context

Argentine President Javier Milei sent an official letter to BRICS leaders to formalise his decision to reject an invitation to join the grouping.

Key Highlights

In August, BRICS announced its expansion.
The bloc planned to add six new members, namely Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates, effective from January 1, 2024.

Argentina's Withdrawal:

Argentina, one of the prospective members, decided to withdraw from BRICS.
The decision came after the election of Javier Gerardo Milei as the president, who expressed differences in foreign policy compared to the previous administration.

History of BRICS

The term BRIC was first introduced in the 2001.
In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.

BRICS Organization

BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
It is viewed as an alternative to the Western-led global order.

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Argentina rejects invitation to join BRICS nations

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