Argentina’s Alberto Fernandez says Brics invitation a ‘great opportunity’

A “new scenario” opens for Argentina with the invitation for the South American country to join the Brics group of developing nations, outgoing President Alberto Fernandez said on Thursday.

The comment from the centre-left leader comes at a time of a deepening economic crisis in the South American nation, rocked by triple-digit inflation and a steadily deteriorating peso currency, ahead of October’s high-stakes general election.

Fernandez stressed that joining the bloc would be a “great opportunity” to strengthen the nation's economy.

Argentina’s current government would like to join Brics — Brazil, Russia, India, China and SA — because of the bloc’s geopolitical and financial importance during a difficult global context, Fernandez said in a speech.

“We open up possibilities of joining new markets, of consolidating existing markets, of raising investment coming in, of creating jobs and raising imports,” he said.

By joining Brics, Argentina will act as an important interlocutor and potential broker for consensus with other nations, Fernandez said.

Argentina was invited to join Brics along with Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates, as the group convenes in SA this week.

But Fernandez’s stance has prompted pushback from leading candidates vying to succeed him.

Javier Milei, the far-right libertarian who took the most votes in this month’s three-way primary election, has voiced criticism of Brics members Brazil and China.

Meanwhile, Patricia Bullrich, a conservative who won the internal contest of the main centre-right opposition coalition, expressed her disagreement with the move on Thursday.

Fernandez is not in a position to negotiate the country’s entry to the bloc, Bullrich argued, adding she disagreed with her country joining Brics at the same time as Iran and while the war in Ukraine continued.

Reuters