As of January 1, 2024, Argentina is officially incorporated, but also Iran, Saudi Arabia, Egypt, Ethiopia and the United Arab Emirates.
It is known to BRICS block as the economic, political and social association formed by the countries of Brazil, Russia, India, China and South Africa. The BRICS were considered the paradigm of the South-South cooperationand integrates the five emerging national economies that in the 2000s were the most promising in the world.
As of January 1, 2024, the Argentina but also from Iran, Saudi Arabia, Egypt, Ethiopia and the United Arab Emirates.
So far the five nations with emerging economies or recently industrialized that make up the BRICS it represents almost a quarter of the GDP and 42% of the world population. It was founded in 2006, when the foreign ministers of Brazil, Russia, India and China met in New York to discuss the United Nations General Assembly. There, the former Russian foreign minister Sergei Lavrov, He declared that he welcomed the “interesting agreements that speak of the interest of the 4 countries in institutionalizing the collaboration.”
All these nations have in common a great population (China and India over 1.4 billion, Brazil over 200 and Russia over 140 million), a huge territory (almost 38.5 million km²), which provides them with continental strategic dimensionsa gigantic amount of natural resources and, most importantly, the enormous figures that they have presented for the growth of their gross domestic product (GDP) and participation in the world trade in recent years, which makes them attractive as investment destination.
The grouping has held annual summits since 2009 and member countries take turns hosting. Two BRIC summits were held prior to South Africa’s admission, in 2009 and 2010. The first five-member summit was held in 2011.
The following were and are:
- Brazil – 2019
- Russia – 2020 (postponed due to COVID), was resumed virtually on November 17 of the same year.
- India- 2021.
- Beijing – 2022.
- Johannesburg – 2023.
How does joining the BRICS benefit Argentina?
Although several nations expressed formal interest in joining the BRICS, for Argentina joining the group means the possibility of further expanding its commercial destinations, exports and with it the foreign exchange earnings in a complex context, given the scarcity of Central Bank reserves. (BCRA)high inflation and the agreement with the IMF.
In addition, being a full member, you will be able to access immediate credits from the New Development Bank (NDB) of the BRICS, based in the Chinese city of Shanghai. The Minister of Economy, Sergio Massawas in May with the head of the entity, Dilma Rousseff to discuss the incorporation of the country to the financial institution.
Source: Ambito
