Argentina pulls out of plans to join BRICS bloc

Argentina's new President, Javier Milei, has withdrawn the country from its planned entry into the expanding Brics club of nations.

In a letter to the leaders of Brazil, Russia, India, China and South Africa, Mr Milei said decisions taken by the preceding government had been revised.

The Brics countries are often seen as a counterweight to the Western-led world.

Argentina had been among a much-vaunted new tranche of six countries poised to join the grouping next month.

It would have been admitted to the Brics club on 1 January, alongside Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates.

Externally, Brics members Brazil and China are Argentina's two biggest trading partners, but the US is not far behind, making it imperative to preserve good working relations with all three.

And as a man who has contemplated replacing the Argentine peso with the US dollar, Mr Milei shows signs of inclining more towards Washington than Beijing in future.