Argentina’s President Javier Milei has declared Argentina’s intention to withdrawal from BRICS. The decision reverses the previous Argentine government’s plan to join the organisation on January 1st 2024.

In a letter to the leaders of Brazil, Russia, India, China, and South Africa—the BRICS alliance—Milei stated that the current time was not “opportune” for Argentina to become a full member.

Argentina was one of six countries invited in August to join the bloc, which also included Brazil, Russia, India, China, and South Africa, making it an 11-nation coalition.

This move comes as Argentina faces an escalating economic crisis. Milei’s predecessor, former center-left President Alberto Fernandez, had supported BRICS membership, seeing it as a way to gain access to new markets.

The BRICS countries currently account for roughly 40 percent of the global population and more than a quarter of global GDP.

However, Argentina’s economic difficulties fueled a desire for change, resulting in the election of Milei, a political outsider known for wielding a chainsaw, to the presidency.

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