Javier Milei writes to BRICS leaders, rejects invite for Argentina to join the grouping

• Days ahead of formally joining BRICS, the Argentine President has sent letters to leaders of member nations informing his withdrawal from the planned entry into the group.

Background

• BRIC term was given by economist Jim O’Neill in 2001, then at Goldman Sachs Group Inc.
• The main purpose behind the term was to throw a spotlight on the strong economic growth rates in Brazil, Russia, India, and China.
• The term was seen as an optimistic scenario for investors.
• The BRIC club held its first leaders' summit in 2009.
• Later, South Africa joined the grouping a year later, adding another continent and the letter "S".
• The bloc announced its expansion in August this year.
• BRICS, generally seen as a counter to the Western-led global order, declared to add six new members.
• The announcement of the addition of six nations including Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates was set to take effect from January 1, 2024.
• Argentina's geopolitical interests match that of America and Israel and Argentina is not going to join hands with communists like China and Russia.

Prelims Takeaway

• BRICS
• Map based question