Milei officially rejects Argentina entering BRICS

[redlobster]

Would you care to explain yourself? Did you think that this was Milei's slogan? You seem confused.

Milei's decision not to join BRICS forfeited opportunities from external investments that could have benefited Argentina's economy. Milei's supporters who justify this decision should get their position straight and not use slogans from a different playbook.

 

[antipodean]

That's a good slogan to drive a privatization. From what country will the investors come? Argentina? Is this what 'liberating' the economy is supposed to look like?

As Milei has clearly stated and as compatible with liberalism in general: investors can come from any country providing they have the will and money to invest. In fact, in his letter to BRICS members, it was clearly stated bilateral channels will remain open and welcoming to trade and investment and he will intensify these efforts. Am interested to understand how BRICS delivers investors to its members (and not in the form of borrowing / external debt) that non-members can't get?

Interesting that no mention has been given here to the fact that Argentina has stated its intention to join OECD, an organization proven successful in fostering international trade and investment through harmonized and rules-based free market structures that actually make its member countries attractive and secure destinations for investors.

PS the slogan...

 

[mikic007]

Can't blame Milei not joining something where Russia is one of main instigators. Russia is well hated this days by most developed countries and certainly such tie can discourage investors from those countries to enter. Doing anything with Russia can blacklist you completely.

 

[redlobster]

Doing anything with Russia can blacklist you completely.

Yeah, investors from developed countries right now are pulling out in droves from Brazil, India, Turkey, Saudi Arabia, and many other places.

Advocating 'Almost Free Trade,' right?

 

[wrangler]

Care to elaborate on how India has benefitted from BRICS?

Granted, it gets them some good international press and a seat at a table that gives the 'perception' of status...

but how have they actually benefitted from it?

There is a lot actually, just look it up, too much to list here, BRICS nations make up a good portion of the world economy.

 

[NomadTrader]

There is a lot actually, just look it up, too much to list here, BRICS nations make up a good portion of the world economy.

Agreed. In India there are 4 BRICS bank (NDB) infrastructure projects completed worth about $2 billion, and another 20 projects approved worth another $6 billion.

But India's contribution commitment at the NDB was $100 billion of which $8 billion has been spent/earmarked.

If India funnels $$ through the NDB onward to its own projects that it could otherwise finance directly in country, then can I truly be said it has benefitted from NDB?

Seems like a display for a world audience all so that something tangible can be shown for BRICS without any actual net benefit to India beyond the status of having a seat at the table.

 

[wrangler]

Can't blame Milei not joining something where Russia is one of main instigators. Russia is well hated this days by most developed countries and certainly such tie can discourage investors from those countries to enter. Doing anything with Russia can blacklist you completely.

India and China maintain significant business relationships with Russia, that appear relatively unaffected by Western sanctions. This also extends to many Asian and Arab countries, which often prioritize their own strategic and economic interests over adherence to Western policies. The influence of the United States in these matters, while significant, has its limitations, especially in a multipolar world where countries exercise their own sovereign decision-making.

Regarding the effectiveness of sanctions, their impact on Russia's actions in Ukraine is a subject of debate. While these sanctions, including the oil price cap, are intended to exert economic pressure, Russia has shown resilience and adaptability. Russia is also enhancing its military production and mobilization efforts, signaling preparedness for a prolonged conflict.

The recent travels of Vladimir Putin, particularly to Asian and Middle Eastern countries, show Russia's efforts to strengthen ties outside the Western sphere of influence. This outreach is part of a Russia's strategy to mitigate the impact of Western sanctions and maintain international relationships.

 

[redlobster]

Susanita about Felipe BRICS.

 

[redlobster]

If India funnels $$ through the NDB onward to its own projects that it could otherwise finance directly in country, then can I truly be said it has benefitted from NDB?

I guess North Korea would be your ideal country, then. It only invests in itself. It doesn't spend its hard-earned won on some stupid international projects.

 

[NomadTrader]

I guess North Korea would be your ideal country, then. It only invests in itself. It doesn't spend its hard-earned won on some stupid international projects.

The quote you cited is intended to demonstrate that India is engaging in circular payments to its own projects.

BRICS and the NDB aren't playing a role in these projects. They are simply functioning as pass through entities.

Its all for appearances. Hence these projects don't demonstrate any value to India from BRICS is actually occurring.

The benefits of the 24 projects referenced above come from the Indian government.