Argentine President Javier Milei Rejects BRICS Membership

Utkarsh Classes Last Updated 30-12-2023

Argentine President Javier Milei Rejects BRICS Membership

Agreements and MoU 4 min read

Argentina's President Javier Milei has written to BRICS leaders to advise them of the country's decision to resign from the organization. Javier Milei stated in his letter to the leaders of Brazil, Russia, India, China and South Africa that the previous government's decision had been reversed.

Historical Background

BRIC was coined in 2001 by Goldman Sachs Group Inc. economist Jim O'Neill.
The word was created to draw attention to the strong economic growth rates in Brazil, Russia, India and China.
The term was interpreted as a positive prospect for investors.
In 2009, the BRIC club hosted its inaugural leaders' conference.
A year later, South Africa joined the grouping, bringing another continent and the letter "S" to the mix.

Evolution of BRICS Summit

The BRICS was founded informally in 2006 after a meeting of the leaders of Brazil, Russia, India and China on the margins of the G8 Outreach Summit in St. Petersburg, Russia.
Later that year, it was established at the 1st BRIC Foreign Ministers' Meeting in New York.

Chairmanship

The forum chairperson is rotated among the members annually, using the abbreviation B-R-I-C-S.
In 2021, India hosted the BRICS Summit.

BRICS Expansion

The BRICS announced its expansion in August 2023.
BRICS, widely seen as a counterweight to the Western-led global order, announced the addition of six additional members.
The G20 bloc, which includes Brazil, Russia, India, China and South Africa, announced six new members in August.
Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates were scheduled to join on January 1, 2024.

15th BRICS Summit

The 15th BRICS summit, hosted by South Africa in Johannesburg, is crucial in light of geopolitical shifts and global economic dynamics.
This summit is the first in-person gathering since the COVID-19 epidemic in 2019.
The 15th BRICS Summit will be held under the theme "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism."

New Development Bank (NDB)

The New Development Bank (NDB) is a multilateral development bank founded by the BRICS to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
The agreement was reached during the 2014 BRICS Summit in Fortaleza and the bank began operations in 2015.
Headquarters are in Shanghai, China, with regional operations in South Africa and Brazil.