BUENOS AIRES (AP) — Argentina formally introduced Friday that it will not be a part of the BRICS bloc of developing economies, the newest in a dramatic shift in foreign and economic policy by Argentina’s new far-right populist President Javier Milei.

In a letter addressed to the leaders of Brazil, Russia, India, China and South Africa — all members of the alliance — Milei stated the second was not “opportune” for Argentina to affix as a full member. The letter was dated per week in the past, Dec. 22, however launched by the Argentine authorities on Friday, the final working day of 2023.

Argentina was amongst six countries invited in August to affix the bloc made up of Brazil, Russia, India, China and South Africa to make an 11-nation bloc. Argentina was set to affix Jan. 1, 2024.

The transfer comes as Argentina has been left reeling by deepening financial disaster.

Milei’s predecessor, former center-left president Alberto Fernandez, endorsed becoming a member of the alliance as a chance to succeed in new markets. The BRICS presently account for about 40% of the world’s inhabitants and greater than 1 / 4 of the world’s GDP.

However financial turmoil left many in Argentina looking forward to change, ushering chainsaw-wielding political outsider Milei into the presidency.

Milei, who defines himself as an “anarcho-capitalist” — a present inside liberalism that aspires to eradicate the state — has carried out a sequence of measures to decontrol the financial system, which in latest many years has been marked by sturdy state interventionism.

In international coverage, he has proclaimed full alignment with the “free nations of the West,” particularly the USA and Israel.

All through the marketing campaign for the presidency, Milei additionally disparaged nations dominated “by communism” and introduced that he wouldn’t preserve diplomatic relations with them regardless of rising Chinese language funding in South America.

Nevertheless, in the letter addressed to his counterpart Luiz Inácio Lula Da Silva in neighboring Brazil and the remainder of the leaders of full BRICS members — Xi Jinping of China, Narenda Mondi of India, Vladimir Putin of Russia and Matamela Ramaphosa of South Africa — Milei proposed to “intensify bilateral ties” and enhance “commerce and funding flows.”

Milei additionally expressed his readiness to carry conferences with every of the 5 leaders.


Observe AP’s protection of Latin America and the Caribbean at https://apnews.com/hub/latin-america

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