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Politics The Argentine Government resigned from the BRICS through a letter sent by President Javier Milei - CNN

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Milei screws up again.




(CNN Spanish) - The Government of Javier Milei renounced Argentina's membership in the BRICS bloc - the economic, political and social alliance made up until now of Brazil, Russia, India, China and South Africa - just days before that the entry agreed by former President Alberto Fernández came into effect on January 1, 2024. He did so through a letter sent to its members, and that the Argentine Foreign Ministry shared with the media, including CNNE.



The letter was sent to presidents Lula da Silva, of Brazil; Cyril Ramaphosa, from South Africa; Xi Jinping, of China; Vladimir Putin, of Russia, and the Prime Minister of India, Narendra Modi. In the document, the Argentine Government expressed that its participation as a member of the bloc was not considered "opportune", due to the fact that the current foreign policy axes differ from those of the previous administration.

"As you are aware, the foreign policy imprint of the Government that I have presided over for a few days differs in many aspects from that of the previous Government. In this sense, some decisions taken by the previous administration will be reviewed. Among them is the creation of a specialized unit for the country's active participation in BRICS, as indicated by President Alberto Fernández in his letter dated September 4," says the letter sent by the Foreign Ministry and shared with the media.

Resignation letter to the BRICS.
Letter of resignation from the BRICS sent to Luiz Inácio Lula da Silva, president of Brazil.
In the letter, the Argentine Government ratifies its willingness to intensify bilateral ties with each of the countries, highlighting "the increase in trade and investment flows."

In August, when announcing the news, Fernández had stated that the integration of Argentina represented the possibility of "opening new markets, consolidating existing ones, favoring investment flows by creating employment, increasing exports and developing the application of new and better technologies. Admission was planned along with Iran, Saudi Arabia, Ethiopia, Egypt and the United Arab Emirates.

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Milei had already anticipated his position regarding the BRICS​

President Javier Milei had announced during the electoral campaign that, if elected, he would not participate in the BRICS. Then, during a presentation before the Council of the Americas, Milei had argued ideological reasons for that decision, saying: "Our geopolitical alignment is the United States and Israel. We are not going to align ourselves with communists."

"Trade must be free," he told reporters after leaving the meeting.

He had said something similar at the beginning of November during an interview with journalist Jaime Baily, in which he accused Lula da Silva of being "communist and corrupt," although he clarified that "individuals will be able to make commercial transactions with whoever they want." of the desire [...] From my position as head of state, my allies are Israel, the United States, and the free world.

Furthermore, after the electoral victory of La Libertad Avanza, current Foreign Minister Diana Mondino announced through her X account that Argentina would not join the bloc: "We will not join the BRICS," she wrote on November 30.

What do the BRICS represent?​

The five countries that until now make up the bloc represent more than 42% of the global population, 30% of the world's territory, 23% of the GDP and 18% of world trade, according to official information from the Argentine Foreign Ministry. According to the same source, the countries involved together contribute to 16% of global exports and 15% of imports of goods and services.

In addition, the countries that make up the BRICS group are partners of the New Development Bank (NBD), an entity created in 2015 and currently chaired by Dilma Rousseff, former president of Brazil. On its official website, it is defined as a multilateral space “that has the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries.”

 
To be honest , I am much happier that Milei's Argentina is lining up with USA and Western Europe.

I don't really get why this is a smart move. I feel like Argentina should totally take a page from India's book. You know, just chill in the middle, be friends with everyone, and do business with everyone too. Look at India – they're becoming a total powerhouse. But nope, Milei seems to have a crush on the IMF and the U.S, and I just don't see how that's gonna help Argentina. I'm starting to think he's kinda close-minded, you know?
 
Loads of cash are floating around the world, you know? Like, there's this guy trying to snag some private money from North America. But here's the thing – Argentina's got a shaky history with politics, going back and forth between liberalization and nationalization. So, convincing investors is a tough act to carry out. The bad rep and irresponsible past of Argentina in terms of investments make it less attractive to future investors.

And hey, all investment comes with strings attached – it's not just freebies. The worse the reputation, the more risk people assume, and that means tighter strings for any future money. Even the Chinese money, which seems like it's chill for now, is still gonna be cautious. Just 'cause they haven't felt the burn from Argentina yet doesn't mean they'll ignore how Argentina treated other investors before. Chinese folks play it super safe when lending money overseas and always make sure they're covered with serious conditions.

So, I'm thinking, considering how tough it is for Argentina, maybe going for a focused, narrow approach is the way to go. There's this trust issue, you know? Playing both sides on the global stage might give you diplomatic street cred, but when it comes to private investors, trust is the key.

Milei's making waves in the private investment scene, and Argentina is getting a second look. I get what you're saying about staying neutral for diplomatic reasons, but when it comes to getting that investment moolah, maybe a targeted strategy is the real deal.

Oh, but wait, let's not overlook the marvel that is Candidate Milei and his super-duper narrow appeal. I mean, it's so narrow; you'd need a microscope to spot it!

Now, when it comes to "The Tribe," it's like a gratitude and loyalty extravaganza. Show them a little love, and boom, you're in the inner circle. And brace yourselves, because there might just be a teensy-weensy flow of sweet, sweet cash coming in from those mystical fields yonder. Get ready for the money shower, folks! 🚿💰

And, of course, feel free to drop that follow-up comment whenever you're ready for another round of chuckles!
 
Oh, yeah, BRICS, the powerhouse of... nothing? Like, seriously, who needs formal agreements or any kind of political or military alliance? And trade agreements? Pfft, who needs those? It's not like they make any difference, right? So, being part of BRICS is just a thrilling ride of absolute meaninglessness, practically speaking. What a fantastic club to be in!
 
The BRICS nations operate a shared financial institution aimed at bolstering the economic development and infrastructure initiatives of member countries. A mutual agreement exists to safeguard member nations against short-term liquidity challenges. While India and China have experienced substantial advantages through their involvement in BRICS, one might ponder whether aligning with these economic powerhouses is a desirable prospect. After all, Argentina may find itself in a league of its own, seemingly beyond the need for such partnerships.
 
The BRICS nations operate a shared financial institution aimed at bolstering the economic development and infrastructure initiatives of member countries. A mutual agreement exists to safeguard member nations against short-term liquidity challenges. While India and China have experienced substantial advantages through their involvement in BRICS, one might ponder whether aligning with these economic powerhouses is a desirable prospect. After all, Argentina may find itself in a league of its own, seemingly beyond the need for such partnerships.
Oh, fantastic! Yet another edition of the IMF, right? Because, you know, who wouldn't want a second helping of lending delights? (But remember, "La patria no se vende," unless, of course, it's a clearance sale for a BRIC bargain...)
 
The BRICS nations operate a shared financial institution aimed at bolstering the economic development and infrastructure initiatives of member countries. A mutual agreement exists to safeguard member nations against short-term liquidity challenges. While India and China have experienced substantial advantages through their involvement in BRICS, one might ponder whether aligning with these economic powerhouses is a desirable prospect. After all, Argentina may find itself in a league of its own, seemingly beyond the need for such partnerships.
Oh, do enlighten me on the magnificent wonders of India's BRICS bonanza.

Sure, they get a pat on the back in the international spotlight and a fancy seat at the "perception is everything" table...

But let's get real, how exactly are they cashing in on this grand spectacle? I'm all ears for the riveting details.
 
Oh, fantastic! Yet another edition of the IMF, right? Because, you know, who wouldn't want a second helping of lending delights? (But remember, "La patria no se vende," unless, of course, it's a clearance sale for a BRIC bargain...)

Oh, now there's a slogan to really get the privatization party started! I mean, obviously, investors are just lining up at the door, right? Because nothing says "liberating the economy" like hoping the investors magically appear from the depths of Argentina itself. Talk about economic liberation, folks! Who needs external support anyway? It's like expecting a party to happen when you're the only one on the guest list. Cheers to that economic freedom, straight from Argentina's own backyard!
 
Oh, now there's a slogan to really get the privatization party started! I mean, obviously, investors are just lining up at the door, right? Because nothing says "liberating the economy" like hoping the investors magically appear from the depths of Argentina itself. Talk about economic liberation, folks! Who needs external support anyway? It's like expecting a party to happen when you're the only one on the guest list. Cheers to that economic freedom, straight from Argentina's own backyard!
Oh, my bad! Excuse the mix-up. So, enlighten me, wise one. Pray tell, where did this brilliant slogan originate? Did Milei conjure it from the depths of his economic wizardry, or is there some other mastermind behind this stroke of genius? I'm all ears, ready to be unconfused by your profound insights!
 
Oh, my bad! Excuse the mix-up. So, enlighten me, wise one. Pray tell, where did this brilliant slogan originate? Did Milei conjure it from the depths of his economic wizardry, or is there some other mastermind behind this stroke of genius? I'm all ears, ready to be unconfused by your profound insights!
Well, buckle up for the Milei magic show because choosing to skip the BRICS party apparently meant saying 'bye-bye' to potential external investments that could've given Argentina's economy a rocketship of cash 🚀💸. And hey, to all those Milei supporters cheering on this decision, maybe it's time to get your game plan in order and not pick slogans from a playbook that's on a completely different wavelength. Let's keep the slogans and decisions in the same galaxy, shall we?
 
Well, buckle up for the Milei magic show because choosing to skip the BRICS party apparently meant saying 'bye-bye' to potential external investments that could've given Argentina's economy a rocketship of cash 🚀💸. And hey, to all those Milei supporters cheering on this decision, maybe it's time to get your game plan in order and not pick slogans from a playbook that's on a completely different wavelength. Let's keep the slogans and decisions in the same galaxy, shall we?
External investmensts from members of Brics members?

I havent been aware of any major stuff happening there to be honest.

China will look at investing in certain industries but for a share of some of your national assets - not too sure if that is in the interests of Argentina
 
External investmensts from members of Brics members?

I havent been aware of any major stuff happening there to be honest.

China will look at investing in certain industries but for a share of some of your national assets - not too sure if that is in the interests of Argentina
China always has THEIR best interests in mind! Not other countries. They always have an angle. Still, I think that Argentina really needs China as it's the largest buyer of Soy and many other agricultural products. I don't think Argentina needs to be a member of BRICS to accomplish this however.
 
Oh, how utterly infuriating! Milei, in all his wisdom, decides to snub the BRICS club, and what do we get? A golden ticket to forfeit opportunities from external investments that could've been the lifeline Argentina's economy desperately needed. Bravo, Milei, bravo!

But here's the rub – those die-hard Milei supporters, bless their hearts, are out here justifying this decision with all the fervor of a misplaced loyalty. Someone needs to hand them a compass and a map to get their positions straight because, last time I checked, using slogans from a different playbook won't magically fix the mess we're in.

So, here's to the exasperating dance of missed opportunities and confusing justifications, courtesy of the Milei saga. Maybe next time, we'll get a decision that doesn't feel like a collective facepalm for Argentina's economy. But hey, who am I kidding? Bravo, Milei's supporters, bravo
 
As Milei has unambiguously emphasized, aligning with the core tenets of liberalism: investors, regardless of their country of origin, are more than welcome, provided they possess the will and financial capacity to invest. In a letter (https://www.cronista.com/economia-p...ice-la-carta-que-envio-javier-milei-al-bloque ) addressed to BRICS members, he explicitly communicated that bilateral channels will not only persist but will also be actively open and receptive to facilitate trade and investment, with an assurance of heightened efforts in this direction. I'm genuinely intrigued to comprehend the unique mechanisms through which BRICS channels investors to its members (sans the reliance on borrowing or external debt) that non-members seemingly lack.

What adds a layer of fascination is the conspicuous absence of any acknowledgment regarding Argentina's stated aspiration to join the OECD (https://www.reuters.com/markets/argentinas-milei-formally-seeks-oecd-accession-talks-2023-12-13/) . This organization has a track record of success in nurturing international trade and investment by fostering harmonized, rules-based free market structures. These frameworks, in turn, establish member countries as attractive and secure destinations for potential investors. Quite the intriguing dynamic at play here!
 
Oh, what a brilliant move by Milei, right? Who wouldn't want to cozy up to a club where Russia is practically leading the charge? I mean, it's not like Russia is enjoying a surge in popularity among the developed nations these days. Oh no, quite the opposite – they're practically the talk of the town, and by "talk," I mean, who can dislike them more.

It's common knowledge that any association with Russia is the golden ticket to being everyone's favorite blacklist member. Investors from those oh-so-developed countries must be dying to jump into a collaboration where the main instigator is, you guessed it, Russia. Because, you know, in the grand scheme of international relations, aligning yourself with the popular kid on the block is always a foolproof strategy. Bravo, Milei, bravo!
 
Oh, what a brilliant move by Milei, right? Who wouldn't want to cozy up to a club where Russia is practically leading the charge? I mean, it's not like Russia is enjoying a surge in popularity among the developed nations these days. Oh no, quite the opposite – they're practically the talk of the town, and by "talk," I mean, who can dislike them more.

It's common knowledge that any association with Russia is the golden ticket to being everyone's favorite blacklist member. Investors from those oh-so-developed countries must be dying to jump into a collaboration where the main instigator is, you guessed it, Russia. Because, you know, in the grand scheme of international relations, aligning yourself with the popular kid on the block is always a foolproof strategy. Bravo, Milei, bravo!
Oh, it's an absolute riot out there! Investors from those glittering developed countries are totally pulling out in droves from the hottest spots like Brazil, India, Turkey, Saudi Arabia, and, you know, many other places. It's practically a game of financial musical chairs – but instead of finding a seat, they're just hitting the exit button.

And here's the kicker – while we're all advocating for 'Almost Free Trade,' it's like we're telling them, "Hey, join the party, but bring your own snacks because the free trade buffet is almost, kind of, sort of there." Because who doesn't love a trade policy that's like a mysterious magic trick – almost free, but not quite. Bravo, global investors, bravo!
 
Oh, how utterly infuriating! Milei, in all his wisdom, decides to snub the BRICS club, and what do we get? A golden ticket to forfeit opportunities from external investments that could've been the lifeline Argentina's economy desperately needed. Bravo, Milei, bravo!

But here's the rub – those die-hard Milei supporters, bless their hearts, are out here justifying this decision with all the fervor of a misplaced loyalty. Someone needs to hand them a compass and a map to get their positions straight because, last time I checked, using slogans from a different playbook won't magically fix the mess we're in.

So, here's to the exasperating dance of missed opportunities and confusing justifications, courtesy of the Milei saga. Maybe next time, we'll get a decision that doesn't feel like a collective facepalm for Argentina's economy. But hey, who am I kidding? Bravo, Milei's supporters, bravo
Who in the Brics club is investing outside their territory?

Only China, I believe. And they will put very stringent conditions into their investment programs.

I hope we will find out shortly what Alberto and Cristina signed up for and what parts of Argentina we have gifted to our Chinese friends.
 
Oh, do enlighten me on the magnificent wonders of India's BRICS bonanza.

Sure, they get a pat on the back in the international spotlight and a fancy seat at the "perception is everything" table...

But let's get real, how exactly are they cashing in on this grand spectacle? I'm all ears for the riveting details.

Oh, you're in for a treat, my friend! The sheer abundance of BRICS greatness is like trying to fit an elephant into a clown car – too much to squeeze into this tiny space. Just do yourself a favor and embark on a quest through the vastness of a Google Search. I think @StatusNomadicus has shown in another post how you can do a Google Search! Trust me, the BRICS nations are like the heavyweight champions of the world economy, making up a delightful chunk of the global financial fiesta. So, put on your explorer hat and dive into the treasure trove of BRICS wonders!
 
Oh, you're in for a treat, my friend! The sheer abundance of BRICS greatness is like trying to fit an elephant into a clown car – too much to squeeze into this tiny space. Just do yourself a favor and embark on a quest through the vastness of a Google Search. I think @StatusNomadicus has shown in another post how you can do a Google Search! Trust me, the BRICS nations are like the heavyweight champions of the world economy, making up a delightful chunk of the global financial fiesta. So, put on your explorer hat and dive into the treasure trove of BRICS wonders!
Certainly agree! In India, there have been noteworthy developments within the BRICS New Development Bank (NDB) infrastructure projects. Approximately $2 BILLION USD has been expended on successfully completing four projects, with an additional 20 projects receiving approval, amounting to another $6 billion in the pipeline.

It's crucial to note that India initially committed $100 BILLION USD to the NDB, and thus far, $8 billion has been either spent or earmarked for various ventures.

Now, the question arises: If India channels funds through the NDB for projects that it could have otherwise financed directly within the country, can it genuinely be considered as benefiting from the NDB? Some argue that it might be more of a grand display for a global audience, showcasing tangible outcomes for BRICS, without necessarily resulting in a significant net benefit for India beyond the symbolic status of having a seat at the international table.
 
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