Argentina’s President Alberto Fernandez has expressed optimism about the potential benefits of joining the BRICS group, an alliance of emerging economies, as Argentina faces economic challenges, including high inflation. In a speech, Fernandez highlighted the advantages of joining BRICS, which currently includes Brazil, Russia, India, China, and South Africa, viewing it as a significant opportunity for economic enhancement.
Fernandez’s remarks follow the announcement by South African President Cyril Ramaphosa that BRICS plans to expand by inviting six more countries, including Argentina, to join next year. Other invitees are Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates. This expansion is seen as a move to create a counterbalance to Western economic powers.
Argentina’s interest in joining BRICS aligns with its current economic situation, marked by triple-digit inflation, a declining peso, and the burden of a $44 billion loan agreement with the International Monetary Fund (IMF). Economist Julio Gambina believes BRICS could redefine Argentina’s approach to debt and shift focus towards a community-based economy.
Fernandez’s quest for full BRICS membership, supported by Brazilian President Luiz Inacio Lula da Silva, began in June 2022. Lula has voiced support for Argentina’s inclusion, criticizing IMF loans as burdensome and suggesting the BRICS bank could offer alternative lending options to stimulate economies.
The possibility of Argentina’s accession to BRICS comes as the country prepares for a general election in October. Presidential candidates, including far-right Javier Milei and conservative Patricia Bullrich, have shown reservations about Argentina joining BRICS. Milei has criticized BRICS members Brazil and China, while Bullrich questions Argentina’s entry alongside Iran and amidst the ongoing Ukraine conflict.
Political analyst Oliver Stuenkel notes that Argentina’s potential BRICS membership faces uncertain times ahead, given the differing views of leading presidential candidates. The country’s decision to join BRICS could significantly impact its economic and international relations, making it a key issue in the upcoming election.
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