The Deepening China-Argentina Bond and Its Implications for BRICS.
China and Argentina's Growing Partnership Raises Questions About Argentina's BRICS Future
The deepening strategic partnership between China and Argentina has shown strong momentum in recent years despite the geographical distance between the two countries. However, Argentina's future participation in the BRICS economic alliance could be thrown into question as the Latin American nation approaches a pivotal presidential election.
Celebrating 74 Years of China-Argentina Relations
In a ceremony marking the 74th anniversary of the founding of the People's Republic of China, Chinese Ambassador to Argentina Wang Wei emphasized the increasingly close ties between the two nations. He stated that although Argentina and China are physically far apart, the great distance has not hindered mutual understanding and friendly relations from developing.
Wang pointed out that China has been Argentina's second-largest trading partner for many consecutive years and is the biggest importer of Argentine agricultural products. Two-way trade exceeded $20 billion in 2022, a 20% increase over the previous year.
Argentina's Inclusion in BRICS Supported by Current Government
Argentina was among six countries, along with Saudi Arabia, Iran, the United Arab Emirates, Egypt, and Ethiopia, invited to join the BRICS alliance in 2024. Argentina's current government has expressed support for joining BRICS and developing closer South-South cooperation.
In his remarks at the anniversary event, Argentine Deputy Foreign Minister Pablo Tettamanti noted the high level of alignment between Argentina and China within international organizations like the Group of 77 plus China. He also recalled that the two countries celebrated 50 years of formal diplomatic relations in 2021.
Tettamanti thanked China for backing Argentina's bid to join BRICS and for its traditional support regarding a peaceful resolution of the Falkland Islands sovereignty dispute with the United Kingdom.
A New President Could Challenge Deepening Cooperation
However, Argentina's BRICS future remains uncertain as the country heads toward presidential elections in late 2023. The current frontrunner, libertarian politician Javier Milei, has expressed opposition to joining BRICS if elected.
Milei advocates dollarizing Argentina's struggling economy instead of pursuing BRICS membership. This position contradicts BRICS' efforts to reduce dependence on the U.S. dollar and Western-centric financial systems. It raises questions about whether Argentina would maintain its cooperative stance toward China and BRICS under a Milei presidency.
The coming leadership transition has injected uncertainty into the otherwise positive trajectory of China-Argentina relations. The two countries have built deeper economic and political bonds in recent years based on mutual benefit. But a new president with different priorities could challenge that cooperation.
For now, China and Argentina continue celebrating their strengthening ties, as evidenced by the enthusiastic 74th anniversary event. However, Argentina's path following pivotal elections later this year remains to be seen. The outcome could have significant implications for not only China-Argentina relations but also Argentina's prospective BRICS membership.