Alberto Fernández, Argentina’s President, has opted not to attend the XV Summit of BRICS, a coalition of emerging economies including Brazil, Russia, India, China, and South Africa.
Official sources confirmed on Monday that Argentina’s integration into the BRICS group is not on the horizon, writes EFE agency in its latest report.
Group expansion was anticipated to be a key discussion point at the summit.
However, Argentine diplomatic sources reportedly relayed to EFE that there are no official plans to welcome new members at this time, contrary to popular expectations.
Given this development, Fernández decided not to travel to Johannesburg, South Africa, the location of this year’s summit and the first in-person meeting since the pandemic began in 2020.
Around 23 countries, including Argentina, have shown formal interest in joining BRICS.
This topic might come up in the upcoming “BRICS Africa Outreach” and “BRICS Plus Dialogue” meetings, where Argentine Foreign Minister Santiago Cafiero will participate virtually.
For Argentina, BRICS membership could have opened further commercial avenues, boosting exports and foreign currency income, crucial for addressing its US$45 billion debt with the International Monetary Fund (IMF).
Without potential membership, Argentina misses the chance to access immediate loans from the New Development Bank (NDB) of BRICS, a group representing over 42% of the global population, 30% of the world’s land area, 23% of global GDP, and 18% of worldwide trade.