Argentina, a South American nation, initially set to join the influential BRICS bloc on January 1, 2024, is now facing a significant deviation from its scheduled inclusion. Diana Mondino, the foreign minister designate under President-elect Javier Milei, revealed this unexpected twist, signaling a potential shift in Argentina’s geopolitical strategy.
Amidst BRICS’s rising global prominence, Argentina’s decision raises questions about the impact of a right-wing leadership change and the evolving dynamics under Milei, who has previously expressed alignment with the United States and Israel, diverging from the previous government’s pro-China stance.
BRICS has been a group that has become a major player in global economics and global politics in the recent past. It has gained increasing importance in the past as it has emerged as a pillar of strength and power and more importantly an alternative to traditional western systems.
The recent action seems like a hint at a big change in Argentina’s plans when a right-wing leader comes in. Though Milei has toned down his talk since winning on Nov. 19, he criticized Brazil’s leftist government.
During the campaign, Milei, a fan of Donald Trump, often said, “If I win, my allies will be the United States and Israel.” Mondino played down BRICS, calling it more about politics than trade advantages. Despite this, President Alberto Fernández welcomed an invitation, seeing it as a way for Argentina to explore new markets.
Diana Mondino’s announcement last Thursday overturns a decision by the previous government, which was seen as drawing Buenos Aires closer to China. This move comes even after a personal letter from China’s Xi Jinping to Milei.
People are closely watching Milei’s stance on BRICS. During the campaign, he strongly criticized China’s political system. In contrast, his opponent, Sergio Massa, welcomed China’s growing presence, even joking about a new republic named “Argenchina.”
Expert Speak
Sharing her views with Financial Express Online, Dr Aparaajita Pandey, Ph.D. from Centre for Latin American Studies, Jawaharlal Nehru University, says, “With the success that the G20 under India’s presidency had this year it was clear that the world is ready for a shift in global politics which is bent towards more inclusive systems of geo-economics and politics. BRICS was going to see the inclusion of Egypt, Saudi Arabia, Iran, Ethiopia, and Argentina from the 1st of January 2024. These countries, like other BRICS members, are emerging economies with growing populations and a demographic dividend. They also have strong interpersonal relations as well as have worked well together in the past in bilateral positions.”
“Argentina is one of the largest nations of South America after Brazil and had seen incredible hardships in the past ranging from political instability to economic recession. When Argentina and Brazil became a part of the BRI, their progression to BRICS seemed like an organic next step. However, the back sliding that has happened in Argentina after the presidential elections has put a question mark on the whole process. Javiér Mileie who has been elected as the new president of Argentina is a right of centre conservative politician who believes in inward looking policies,” Dr Pandey opines.
“His stance and rhetoric have made it clear that he is not the biggest fan of China and its political set up. He pointed out that China was communist country and that was one of the reasons he did not want to be a part of the BRICS. Milei has also been public with his dislike for the Brazilian premier Lula,” she says.
While China is undoubtedly the biggest economy in the BRICS and it also has a large and sprawling presence around the world, there is also a growing apprehension in the world about China being a power that traps countries into debt. “The term debt trap diplomacy is not unknown and that has been a major point of contention for many nations. While BRICS is a conglomerate of five nations, its growing influence owing to its economic supremacy within BRICS is not a far-fetched idea,” she explains.
According to her, the age-old debate about supranational institutions encroaching upon a country’s sovereignty seems to be at play here. It could also be the Latin apprehensions of being a part of an organisation that is focused on the economy which could give the nation flashbacks of the lost decade of the 80s.
The current state of the Argentine economy needs to be catalyzed and there are no easy solutions for the economic rebuilding. In her opinion, “This also happens to be the key cause for people’s distrust in their politicians which is evident from their oscillation between right to left and then to right again when it comes to Presidential elections.”
While the elections are over, Miliei has chosen to stick to his rhetoric, the interesting question is what impact would Argentina’s decision have on the other countries that are ready to join BRICS.
