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Argentina rejects invitation to join BRICS nations

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Published: 5th Jan, 2024

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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