In Delhi, Argentina’s Foreign Minister Diana says not interested in BRICS membership

Argentina’s Foreign Minister Diana Mondino who is on a visit to New Delhi has said that her country is not interested in joining the BRICS grouping. She pointed to strong economic links with each member of the grouping but as a group, Argentina “politically doesn’t want to be hitched to anyone, we are far more interested in Mercosur rather than becoming one of the members of BRICS”.

Mercosur, or the Southern Common Market (Mercado Común del Sur in Spanish, Mercado Comum do Sul in Portuguese), is a regional economic trade bloc. The group focuses on the free movement of goods, services, capital, and labour among member countries.

Argentina was among six countries invited to join the BRICS during the South Africa summit in August 2023, which was set to expand the bloc’s membership from January 1, 2024. However, following the election of President Javier Milei in late 2023, Argentina formally withdrew its interest in joining BRICS. 

The foreign minister confirmed that letters were sent to five original members of the grouping, India, China, South Africa, Russia and Brazil confirming her government’s decision not to be a member of the grouping which has grown in influence in the past few years. 

“BRICS is a very good idea for capital markets, potential of growth for these countries..(but)…We don’t want to be burdened with whatever politics anybody else has. We don’t want anybody’s agenda,” Mondino said. 

BRICS emerged in the first decade of this century and has many countries keen to be part of the grouping which is seen as a counterbalance to Western-dominated economic forums like the G7. 

In 2023, BRICS announced the admission of Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia, and Argentina. Later this month, Russia’s Kazan will be hosting the BRICS summit that will see more discussions on expansion and also usage of national currencies for trade. 

Argentina’s FM is in New Delhi for joint commission talks and held a meeting with External Affairs Minister Dr S Jaishankar. The focus of the talks was on trade, space, nuclear, railways, agriculture, fisheries, health and defence ties. During a public event, the foreign minister lauded the growing ties between the two countries.

“It is in this new stage that Argentina can play a great role in terms of food and energy security for India”, said Mondino, who emphasised “Argentina’s interest in achieving a strategic partnership with India”.