FX.co ★ BRICS showing growing consensus to have Argentina

BRICS, the geopolitical and economic union of emerging countries, consisting of Brazil, Russia, India, China, and SAR might become more numerous. The subject of joining the club has been raised by Argentina’s government. Three of five members of the BRICS group support Argentina’s determination to be admitted to the club, the Indian ambassador to Buenos Aires said. According to Amarenda Khatua, the New Delhi ambassador, Brazil, India, and South Africa have backed the initiative, while Russia and China have yet to express their views. “With Argentina, we have a tremendous potential in our relations, but our countries have much to work on”, ambassador Khatua spoke at a press conference, confirming the interest of Brazil and South Africa. No wonder, the approval procedure will require a lot of time and accords as the membership in such an influential political club is rather complicated. In general, any international partnership suggests certain commitments. So, joining the club of the emerging economies will require further debate among the BRICS members due to Argentina’s vast territory, the troublesome economy, and a large population. Thus, the member states are set to consider and assess the current state of Argentina’s economy. On the minus side, an obstacle could be a hefty sovereign debt which the BRICS countries do not have. On the whole, Argentina may have difficulty entering into the international club despite the majority support. Apparently, the fate of Argentina’s application will be cleared up at the next BRICS meeting. It should be reminded that the nearest BRICS summit is scheduled for July 15 in Fortaleza, Brazil.