Argentina’s new far-right President Javier Milei ditches BRICS to ‘support US and Israel’

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration.

Newly elected far-right President Javier Milei in a letter dated December 22 told his counterparts from Brazil, Russia, India, China and South Africa that the timing was not opportune for Argentina to join the grouping.

Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.”

Campaign promise fulfilled

President Milei during his campaign had vowed to push for aligning his nation’s foreign policy with the West and ditching the previous administration’s efforts to seek closer ties with the developing economies.

Former centre-left President Alberto Fernandez wanted to join forces with the BRICS group, which accounts for 25 per cent of the global GDP.

Milei not only pushed for pro-West policies during his campaign but also targeted nations “ruled by communism”, in a veiled dig at China and neighbouring Brazil.

However, the president in his letter clarified that Argentina will seek to “intensify” its economic ties with BRICS in order to avail better trading and investment opportunities.

Argentina undergoing drastic policy changes

After taking office in December, President Milei has undertaken drastic policy changes, while vowing to support US and Israel.

"Our geopolitical alignment is with the United States and Israel. We are not going to ally with communists," said Milei during his election campaign. However, after taking office, Milei's stance on China and Brazil has weakened as he has taken a more conciliatory tone.

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He has also undertaken bold economic reforms since taking office. Milei has already devalued the peso by a staggering 54 per cent, pushing the official exchange rate from 366.5 to 800 pesos per US dollar.

Experts noted that Milei's administration was gearing up for a challenging period, with soaring inflation coming in at 160.9 per cent in November 2023.

(With inputs from agencies)