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Argentina pushing to become member of BRICS

Anadolu Agency ECONOMY
Published June 25,2022

President Fernandez urged Argentina to become incorporated into the BRICS bloc of emerging economies.

"We are honored by the invitation to this expanded BRICS meeting. We aspire to become full members of this group of nations that already represents 42% of the world's population and 24% of the global gross domestic product," Fernandez said at the bloc's 14th summit via video conference.

Fernandez described the bloc as "a platform with enormous capacities to discuss and implement an agenda for the future that will lead to a better and fairer time."

He underscored the South American nation's desire to join BRICS -- made up of Brazil, Russia, India, China and South Africa -- insisting that "Argentina wants to join this space and offer its contributions as a member."

Fernandez outlined Argentina's strengths -- from food production and exports, biotechnology, technology and energy, as well as technical expertise the country offers to other nations.

He also took the opportunity to push for "an agenda for the future," as he called for a "debate" on "the guidelines that determine the general allocation of Special Drawing Rights (SDR) of the International Monetary Fund (IMF)" and highlighted that "SDRs are also an essential tool for the necessary capitalization of regional development banks."

The Argentine leader also discussed the importance BRICS can play financially, arguing that "the institutional and economic weight of BRICS can become a factor of financial stability. The expansion of its New Development Bank (NDB) can be a useful instrument to strengthen national infrastructures."

Fernandez called on members to "agree on a common agenda" which would permit the bloc to express "concerns more effectively at the next G20 meeting," which is scheduled for November in Indonesia.

He also touched on the Ukraine-Russia war and called it "imperative that the hostilities in Ukraine cease."

Fernandez said "it is the time to explore cooperation mechanisms", referencing the currency swap between Argentina and China signed in February.

"We are excited by the prospect of coordinating policies that enhance the agenda of the countries of the global South," he said.

Fernandez participated in the BRICS meeting after an invitation was made by Chinese President Xi Jinping.

The move followed the 50th anniversary of diplomatic relations between China and Argentina.