Argentina's new president has decided to withdraw plans for his country to join BRICS, the five-nation bloc of emerging economies, in a turnaround from the previous administration.

Argentine media outlets reported on Friday that President Javier Milei, who took office earlier this month, informed the BRICS members China, Russia, India, Brazil and South Africa by letter.

At the BRICS summit in August, members had agreed to invite Argentina and five other countries, including Egypt and Ethiopia, to join on January 1.

The Argentine government reportedly said in the letters that although the country will not become an official BRICS member, it still wants to strengthen bilateral ties and boost trade and investment.

The previous left-wing administration had placed importance on relations with China, Brazil and other countries. But Milei's government has been increasingly reaching out to the United States on a diplomatic level as well as in economy and finance.