Argentina Withdraws From BRICS

Context: The newly elected far-right President of Argentina, Javier Milei, pulled out of plans to join the BRICS bloc. Argentina was set to join on January 1, 2024.

Reasons for withdrawal:

• The decision to join BRICS had been taken by the previous administration, and the new dispensation was reviewing such policies. Milei cited China's communist ideology as a pivotal factor in Argentina's decision to disengage from BRICS.
• The Brics alliance is often portrayed as promoting a more multipolar world, but it is economically dominated by China, which accounts for more than 70% of the bloc's combined GDP.
• Milei has strongly criticized China and has pledged to pursue a foreign policy that aligns with Western countries, moving away from the previous administration's efforts to build ties with other developing countries.

BRICS

• BRICS, initially known as BRIC, is an acronym that represents an intergovernmental organization comprising Brazil, Russia, India, China, and South Africa.
• The term was coined by Goldman Sachs in 2001, and South Africa was added to the group in 2010. Together, the BRICS countries represent a significant portion of the world's land mass, population, GDP, and global trade.
• The organization was established to deepen economic cooperation, development financing, political coordination, social and cultural exchanges, technology and innovation, sustainable development, and peace and security.
• The principles governing BRICS relations include solidarity, openness, pragmatism, neutrality regarding third parties, and a non-bloc nature.
• The organization seeks to establish deeper ties between member nations and cooperate on economic and political matters. Over the years, BRICS countries have come together to deliberate on important issues under the three pillars of economic and financial and cultural and people to people exchanges.