The letter signed by Milei read Argentina’s membership was “not considered appropriate at this time”. This marks a major change in Argentina’s economic and foreign policies by the right-wing populist, who took office early this month.

Argentina was one of the 6 countries invited to join BRICS after the club announced its expansion in August this year. Others included Egypt, Iran, Ethiopia, Saudi Arabia, and the UAE. Argentina’s former President Alberto Fernandez approved the country’s accession to BRICS and considered it an opportunity to access new markets.

BRICS member countries currently account for 40% of the world’s population and over a quarter of global GDP.