“But the BRICS nations themselves have trillions of dollars in reserves and a lot of liquidity available to help Argentina refinance its debts.” “Although its goals are ambitious, the NDB only has around $12bn that it can distribute to member countries,” he told Al Jazeera. “The founding logic of the New Development Bank is to have an alternative financing mechanism that emphasises the needs of developing countries rather than those of wealthy nations,” said Andres Arauz, a senior research fellow at the Center for Economic and Policy Research in Washington, DC, and a former Ecuadorian minister of knowledge. To that end, the bloc established the New Development Bank during its sixth annual summit in Fortaleza, Brazil, in 2014. Representing more than 40 percent of the world’s population, BRICS was conceived as a counterweight to the G7 countries that have long dominated the global economy and its financial institutions. The countries held their first diplomatic summit in Yekaterinburg, Russia, in 2009, and the nascent bloc added South Africa the following year. Those relationships are too important to make ideological distinctions.”Ĭoined by a Goldman Sachs analyst in 2001, BRICS (then BRIC) is an acronym used to describe some of the largest emerging markets in the world. “But if either coalition wins, the next government will have to pay close attention to Brazil and China. “When you’re in the opposition, you’re free to say whatever you want,” Vicky Murillo, director of the Institute of Latin American Studies at Columbia University in New York City, told Al Jazeera. What is clear, however, is that Argentina could use all the help it can get. There is also no guarantee that membership would move the needle. Whether the South American nation will ultimately join BRICS remains an open question, although it is unlikely before the October election. More recently, Brazilian President Luiz Inacio Lula da Silva pledged to help “remove knife from Argentina’s neck”. Last June, in a video conference with BRICS representatives and heads of state, Fernandez requested full membership in the group on behalf of Argentina. Argentina’s President Alberto Fernandez has announced he will not seek reelection in 2023 despite being eligible for a second term in office President Alberto Fernandez of the centre-left Frente de Todos (Everyone’s Front) coalition has already announced that he will not seek a second term, while his vice president, Cristina Fernandez de Kirchner, has declined to run following a controversial fraud conviction. Still, whoever prevails in this October’s presidential election may not have the luxury of pursuing their political convictions in an increasingly multipolar world.Īrgentina is facing its worst economic crisis since the depression of 1998 to 2002, when unemployment climbed above 20 percent and more than half of the population slid below the poverty line. “We’re not going to BRICS,” she says during a Q&A at the summit, adding that her geopolitical allies would be the “democracies” of the United States, Western Europe and Israel.īuenos Aires Mayor Horacio Rodriguez Larreta, another leading candidate for president from the same centre-right Juntos por el Cambio (Together for Change) coalition, made similar comments to the AmCham crowd this month but said he would be willing to trade with any nation, including those in BRICS.
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