On Thursday, Argentina said it has received official Chinese support for its bid to join BRICS, a group of emerging economies comprising Brazil, Russia, India, China, and South Africa - an alternative bloc to the Western hegemony. 

Buenos Aires' foreign minister Santiago Cafiero met with his Chinese counterpart, Wang Yi, at the G20 event in Indonesia where the suggestion was endorsed and formalized, according to a statement by the ministry. 

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"Wang Yi formally confirmed his country's support for Argentina's membership of the BRICS group, in line with what was agreed between the group's leaders," Argentina's foreign ministry said.

Argentina, a major exporter of wheat, soy, and corn, would "strengthen and broaden its voice in defense of the interests of the developing world" if it were to join BRICS. 

Alberto Fernandez, the Argentinian president, previously articulated that Buenos Aires is grappling with an economic crisis with high inflation and weak foreign currency reserves, and looks to join BRICS. 

The first time the BRICS had their summit was in 2009, in Russia, after which South Africa joined. 

According to IMF data, China is BRICS' largest economy, accounting for over 70% of the 27.5 trillion economic might, while India accounts for around 13%, while Russia and Brazil account for 7%. The BRICS members account for 30% of global gross output and 40% of the global population.

Recently, BRICS countries have agreed on the idea that cooperation needs new member states. Most recently at the end of June, Iran applied for the membership.

Read more: BRICS countries discuss deeper cooperation