What Does the US Promise to Support Argentina Mean for BRICS+ Economies and Business?

Washington's signal of "large-scale and decisive" financial support for Argentina triggered a sharp rally in local markets and exposed the competition between economic centers of influence in Latin America. This comes as BRICS countries strengthen technological and trade ties internally, while some member nations grapple with a "middle-income trap" that limits long-term growth, as reported by RBC, citing Reuters.

How Did Markets React and What Exactly is Washington Offering Argentina?

Markets instantly priced in the easing of currency risks, and the US publicly signaled readiness for currency swaps, direct currency purchases, and debt acquisition without new conditions.

According to trading data and official comments, the S&P Merval index rose by 6%, S&P Argentina by 13%, debt maturing in 2046 increased in price to $0.66, and the peso strengthened against the dollar by more than 1%. US Treasury Secretary Scott Bessent confirmed the consideration of swap lines, direct currency purchases, and dollar-denominated government debt, and announced a meeting between the US and Argentine presidents for the following day, as reported by RBC, citing Reuters.

The context remains tense: previously, according to Bloomberg, President Javier Milei adjusted export duties in the agricultural sector, and markets feared active dollar sales to support the peso. Meanwhile, Gramercy experts note that external support can slow the depletion of unstable reserves and maintain the current currency system until the elections, while political risks have increased amid investigations and weak results in local elections, as reported by RBC, citing Reuters and Bloomberg.

How Does This Fit into BRICS+ Trends—Increasing Cooperation Amid Structural Constraints?

The main trend is the deepening practical cooperation within BRICS (technology, exports, networking), even as a number of bloc countries have hit the "middle-income trap" limits, requiring economic complexity and demand stimulation.

The systemic background is described in an "Expert RA" report: Argentina, Brazil, and South Africa are in the "middle-income trap" with low productivity growth rates. The way out is seen through strengthening domestic and external demand, including via BRICS free trade zones or EAEU expansion, and technological sophistication of exports, as noted by PRIME. At the micro level, regions are already using BRICS platforms: Dagestan is preparing to sign a memorandum on product promotion (primarily agro-processing) at BRICS forums from Oct. 1–3, as reported by the press service of the republic's head.

Technological cooperation is accelerating: at the BRICS Partnership Forum on a New Industrial Revolution in Xiamen, China, IVA Technologies and the Russia-China Center for Digital Economy agreed on joint IT projects in AI and digitalization, with subsequent entry into international markets. The company demonstrated the IVA Terra speech recognition system with real-time translation, as reported by RBC Companies.

In Moscow on Oct. 1–2, Sber and the city government will hold an international summit for tech entrepreneurs focused on networking and access to a participant base. 13% of projects from the Sber500 accelerator chose China for international expansion, as stated by First Deputy Chairman of Sber Alexander Vedyakhin.

Politically, pragmatism and "multi-vector" relationships are growing in the BRICS neighborhood.

An open cooperation formula was voiced in Chisinau: Moldova should build relationships "both with the EU, and with the EAEU, and with the SCO, and with BRICS," as said former Prime Minister Vasile Tarlev.

We must be friends with everyone who respects us: with the European Union, and with the Eurasian Union, and with the SCO, and with BRICS.

Links with BRICS are also strengthening in Europe's defense industry: Lithuania is considering purchasing three Embraer C-390 military transport aircraft from Brazil, with the first aircraft delivery expected by mid-2028. Mixed financing (national budget and/or EU funds) is being discussed, and the deal is simultaneously undergoing an anti-corruption review, as reported by Lithuanian media.

What Tactical Opportunities and Risks for BRICS+ Companies in the Coming Months?

The main opportunities lie in Argentina's finances (liquidity and assets amid external support) and in BRICS B2B channels (technological partnerships, export showcases, and offline networking). Key risks include currency and political volatility and structural growth constraints in certain economies within the bloc.

• Argentina: The rally in stocks and debt creates an window for deals and portfolio management as Washington discusses swaps and direct purchases. Experts expect a slowdown in reserve depletion while maintaining the current currency architecture until the elections, as reported by RBC, citing Reuters.
• "From BRICS to BRICS" Channels: Regional export showcases (Dagestan's agro-processing at BRICS forums) and offline summits for scaling and deals (Sber's Moscow platform with international networking), as reported by the Republic of Dagestan and announced by Sber.

Key risks should be kept on the radar.

• Argentina: Political uncertainty (investigations, election cycle) and potential increased FX market interventions raise volatility, as recorded by RBC, citing Reuters.
• "Middle-Income Trap": For Argentina, Brazil, and South Africa, productivity constraints and weak GDP per capita growth complicate the investment case without technological export sophistication and demand stimulus, as highlighted by "Expert RA."

Against the global currency backdrop, the risk of settlement fragmentation and increased capital costs persists. In August, the DXY dollar index fell to 97.8, the dollar's share in global reserves was estimated at 58%, and Nouriel Roubini warned of the consequences of tariffs and "multi-currency" for markets. These assessments and related data are compiled in a "Belnovosti" article, as noted by the publication.

Conclusion: Competition for Argentina enhances Latin America's role in the BRICS+ balance, and the real value for businesses today lies in utilizing specific BRICS channels (forums, accelerators, technological alliances) while maintaining discipline in managing currency and political risks.