BREAKING

Argentina's Milei rejects invitation to join BRICS

By Al Mayadeen English
Source: Agencies
29 Dec 2023 16:12
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Argentinian President Javier Milei has formally declined an invitation to join BRICS as he continues to shift to liberalize Argentina's economy.

Argentina's newly sworn-in President Javier Milei, left, and his sister Karina arrive to the government house in Buenos Aires, Argentina, Sunday, December 10, 2023. (AP)

Argentina's President Javier Milei formally declined the invitation to join the BRICS, as reported by Infobae, on Friday.

Milei conveyed his decision through a letter to Russian President Vladimir Putin and Chinese President Xi Jinping several days ago. Additionally, he informed South African President Cyril Ramaphosa, Brazilian President Luiz Inacio Lula da Silva, and Indian Prime Minister Narendra Modi about his choice, according to Infobae.

Earlier, it was reported that Milei is actively challenging the National Congress, and may exert influence on the legislature by conducting public votes on policy proposals, as reported by La Nacion.

Concerning a significant economic reform presented by his cabinet earlier this month, Milei conveyed to La Nacion, "If the Congress rejects it, I would propose a plebiscite and ask them to clarify why they oppose the will of the people."

Under Argentine law, there are provisions for both binding and non-binding referendums, referred to as "public consultations." However, only the National Congress holds the authority to initiate a binding referendum. If a non-binding proposal from the executive branch is approved through a plebiscite, the parliament is obligated to consider it.

Milei, a libertarian economist and former Member of Parliament, emerged as an unexpected contender in Argentina's presidential election last month. He secured victory with a commitment to spur economic growth through bold public spending reductions and liberalization. Faced with soaring inflation in Argentina, Milei has pledged to tackle the issue through what he terms "shock therapy."

'Deregulation of economy'

Milei revealed a series of measures to deregulate the country's struggling economy, eliminating or changing more than 300 regulations via presidential decree, including on rent and labor practices.

In a televised speech from the presidential palace, flanked by his cabinet, he explained that "the goal is to start along the path to rebuilding the country... and start to undo the huge number of regulations that have held back and prevented economic growth."

When he took office, Milei vowed to dollarize the Argentinian economy and has been compared to former US President Donald Trump and former Brazilian President Jair Bolsonaro.

He has also been a stark advocate of a friendly foreign policy with the US and "Israel" as well as anti-BRICS sentiments, opting for involvement in the South American trade bloc.