In a surprising turn of events, Argentina's newly elected President, Javier Milei, has announced his decision not to join the China and Russia-led BRICS trading bloc, dealing a major blow to the group's ambitious plans. Milei's decision comes after his team initially indicated that they would delay Argentina's admission into the bloc, which includes members Brazil, Russia, India, China, and South Africa.

In a letter addressed to the leaders of each member state, President Milei explained that he did not consider it "appropriate at this time" for Argentina to join the BRICS bloc. However, he emphasized his willingness to meet with the BRICS leaders to discuss ways to strengthen bilateral ties and foster increased trade and investment, as reported by German outlet DW.

The BRICS group, which aims to challenge Western economic dominance on the global stage, is largely dominated by China, accounting for over 70% of the combined GDP of its member states. China and Russia have been actively promoting the alliance as a counter to the G-7, and have even sought to expand the bloc to include 11 states.

Argentina had been set to join the BRICS on January 1, 2024, alongside other countries, such as Iran, Egypt, Ethiopia, Saudi Arabia, and the United Arab Emirates. With China and Brazil ranking as Argentina's two largest trading partners, it seemed like a logical step for the country until Milei introduced his controversial economic "shock therapy" approach.

The decision to reject BRICS membership has been framed by the new administration's concerns about the country's economic situation. Argentina has been grappling with a staggering 150% inflation rate and over 40% of its population living below the poverty line, according to BBC reports.

President Milei's refusal to join the BRICS bloc reflects a divergence from the previous government's policy and signals a shift in Argentina's strategic economic alliances. While the move has surprised many, it remains to be seen how this decision will impact Argentina's trade relationships with China and Brazil, as well as its positioning within the international economic landscape.

As President Milei prepares to engage with the BRICS leaders in discussions about intensifying bilateral ties, the global community eagerly awaits further developments and potential shifts in Argentina's trade and economic policies.