Argentina explains why it did not join BRICS

Economist Diana Mondino, candidate for Argentina's foreign minister in Javier Milei's government, confirmed that the country will not join BRICS.

Argentina's Foreign Minister-nominee Diana Mondino speaks at the 29th UIA Industrial Congress. (Source: Buenos Aires Herald)

Ms. Diana Mondino affirmed that President-elect of Argentina Javier Milei does not want to join the bloc including Brazil, Russia, India, China and South Africa.

The administration of current President Alberto Fernández has spent years trying to win approval for Argentina to become a full member, and earlier this year BRICS approved the move, although the accession process is not yet complete.

“We will not withdraw because this has never been approved,” said Diana Mondino. Moreover, “joining BRICS requires capital contributions, and Argentina does not have the capacity to do that.”

Argentina's future foreign minister made the statement during a brief press conference before attending the 29th Industrial Congress of the Argentine Industrial Union (UIA).

According to Diana Mondino, BRICS “is more about political alignment than any advantage in trade between countries. In fact, we already have diplomatic and trade relations with most of the countries in the bloc.”

Earlier this week, Ms Mondino asserted that “there is no relative advantage to joining BRICS” and that the inclusion of these countries would be “reconsidered” by the President-elect.

Mr. Javier Milei, expected to officially take office as President of Argentina on December 10, has repeatedly spoken out against Argentina becoming a member of BRICS.

The South American country is currently struggling with its worst economic crisis in decades. Inflation has increased by 60% in just the past year, and the local currency, the Peso, has lost a lot of value.

Source: https://baoquocte.vn/argentina-giai-thich-ly-do-khong-gia-nhap-brics-252140.html