The former Argentine ambassador to China, Sabino Vaca Narvaja, expressed criticism in an exclusive interview with the Global Times regarding the decision of Argentina’s newly elected president, Javier Milei, not to join the BRICS (Brazil, Russia, India, China, and South Africa) framework. Narvaja emphasized the importance of the New Development Bank established by BRICS countries for Argentina in building a new financial system based on production and development. He found the Milei government’s decision “puzzling” and argued that it damages Argentina’s national interests and offends important partner countries.
In August 2023, the BRICS summit in South Africa expanded, welcoming six new members, including Argentina. However, on December 30, 2023, Milei announced that Argentina would not join the BRICS, citing the timing as “inappropriate.” Critics argue that the decision aims to seek financing from the US through the IMF or private investors.
Narvaja, who served as the Argentine ambassador to China during the presidency of Alberto Fernandez, stressed that joining the BRICS would boost Argentina’s economic development. He highlighted the complementary economic structures of many BRICS economies and argued that the New Development Bank is crucial for Argentina in building a new financial system based on production and development.
The former diplomat noted the significant role China plays in Argentina’s trade, investment, and infrastructure development. China is currently Argentina’s second-largest trading partner, primary market for agricultural product exports, and the third-largest source of investment. Bilateral trade between China and Argentina reached approximately $25.5 billion last year.
Analysts and critics view the decision not to join the BRICS framework as perplexing and damaging to Argentina’s interests, particularly at a time when the country needs foreign exchange and investment to meet debt obligations and enhance export capacity.
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