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China, Russia pledge closer security ties ahead of BRICS meet

January 9, 2013 Comments off

thehindubusinessline.com

Beijing, Jan 9:

Ahead of the key BRICS security meet in New Delhi tomorrow, China and Russia today pledged to deepen security cooperation and make new contributions to their comprehensive strategic partnership.

China’s State Councilor Dai Bingguo, who would be attending the two-day BRICS senior representatives on security issues, held talks with Russian Security Council Secretary Nikolai Patrushev here.

They held in-depth discussions on China-Russia relations, as well as the current international and regional situation, according a statement issued for the 8th China-Russia strategic security consultation.

“Both countries should maintain frequent high-level interactions and deepen pragmatic cooperation,” the statement said, according to state-run Xinhua news agency.

The two sides pledged to support each Read more…

Categories: BRIC Tags: , , ,

BRICS Move To Replace Dollar With “Super-Sovereign” Global Currency

March 27, 2012 Comments off

blog.alexanderhiggins.com

Brazil, Russia, India, China and South Africa Move To Replace Dollar With Chinese Denominated Single Super-Sovereign Global CurrencyBrazil, Russia, India, China and South Africa launch attack to to replace the dollar with an single Chinese denominated “super-Sovereign” global currency.

As China is expected to rise to the status of a financial super power within the next 8 years and eclipse the US economy by 2020 Africa becomes center stage in the greatest currency war the world has seen since the 1930s which is now shifting into overdrive.

Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations, are moving forward with their plan to unseat the US dollar from its throne as the global trade currency and to replace it with a Chinese denominated “super-sovereign” international currency.

This Geo-political game to establish global monetary dominance is by no means limited to the attack on the US dollar.

Instead this is merely the first strike of a concerted campaign of worldwide economic Read more…

BRIC countries consider their own multilateral development bank

February 24, 2012 Comments off

globalpost.com

India is proposing the creation of a multilateral bank to exclusively finance projects in BRIC countries, Bloomberg reported.

Bloomberg cited an Indian official who told the news service the plan is likely to be discussed at this weekend’s Group of 20 finance ministers meeting in Mexico City. The official said the plan was in an early, exploratory phase but had been circulated among the BRICs and shared with South African officials, Bloomberg noted.

The BRIC countries are Brazil, Russia, India and China. As it’s described now, the proposed bank would be funded exclusively by developing nations and finance projects in only those nations.

Reuters reported that Brazilian finance minister Guido Mantega is sympathetic to the idea.

Emerging market economies have in recent years become a larger driver of global growth than more established markets. They have been pushing for greater representation at the World Bank and IMF as their clout in the global economy has grown.

Categories: Banks, BRIC Tags: , , , , , ,

BRICS could block West’s neocolonial moves

September 5, 2011 Comments off

rt.com

Russia strongly opposes the Western approach to the situation in Syria and its stance has largely been echoed by its partners within the BRICS. Some experts believe that BRICS is the only group that can stand against the West’s hegemonic ambitions.

­“If the BRICS countries have anything to do with it, the Libyan scenario will not be put into practice in Syria,” Russian Foreign Minister Sergey Lavrov said on Sunday after a meeting with his Brazilian counterpart, Antonio Patriota.

Dr Sreeram Chaulia, a Read more…

BRICS demand global monetary shake-up, greater influence

April 14, 2011 Comments off

yahoo.com

(L-R) India's Prime Minister Manmohan Singh, Russia's President Dmitry Medvedev, China's President Hu Jintao, Brazil's President Dilma Rousseff and South African President Jacob Zuma attend a joint news conference at the BRICS Leaders Meeting in Sanya, Hainan province April 14, 2011. The development banks of the five BRICS nations agreed in principle on Thursday to establish mutual credit lines denominated in their local currencies, not in dollars. REUTERS/How Hwee Young/Pool

SANYA, China (Reuters) – The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.

The leaders of Brazil, Russia, India, China and South Africa also called for stronger regulation of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.

Meeting on the southern Chinese island of Hainan, they said the recent financial crisis had exposed the inadequacies of the current monetary order, which has the dollar as its linchpin.

What was needed, they said in a statement, was “a broad-based international reserve currency system providing stability and certainty” — thinly veiled criticism of what the BRICS see as Washington’s neglect of its global monetary responsibilities.

The BRICS are worried that America’s large trade and budget deficits will eventually debase the dollar. They also begrudge the financial and political privileges that come with being the leading reserve currency.

“The world economy is undergoing profound and complex changes,” Chinese President Hu Jintao said. “The era demands that the BRICS countries strengthen dialogue and cooperation.”

In another dig at the dollar, the development banks of the five BRICS nations agreed to establish mutual credit lines denominated in their local currencies, not the U.S. currency.

The head of China Development Bank (CDB), Chen Yuan, said he was prepared to lend up to 10 billion yuan to fellow BRICS, and his Russian counterpart said he was looking to borrow the yuan equivalent of at least $500 million via CDB.

“We think this will undoubtedly broaden the opportunities for Russian companies to diversify their loans,” Vladimir Dmitriev, the chairman of VEB, Read more…

China Sees New Emerging Markets Bloc Consensus

April 4, 2011 1 comment

abcnews

An upcoming meeting of the leaders of the world’s leading emerging economies should boost consensus and cooperation among them, although members of the group have yet to decide on whether to establish a permanent secretariat, a Chinese diplomat said Saturday.

The April 14 meeting in the southern Chinese resort of Sanya will include the heads of Brazil, Russia, India, China and — for the first time — South Africa. The five make up the grouping known as the BRIC countries, whose members account for 40 percent of the world’s population and 15 percent of global trade.

Discussions in Sanya will cover trade and finance, as well as major political issues, with areas of agreement to be laid out in a final statement, Assistant Chinese Foreign Minister Wu Hailong told reporters at a briefing.

“We hope through the concerted efforts of all parties that this meeting will be an important Read more…

South Africa: Another BRIC in China’s Wall

January 4, 2011 Comments off
China's President Hu Jintao has sent an invitation to South African President Jacob Zuma to attend the third BRICs leaders' summit to be held in China. Picture: Zuma (center) celebrates the 25th anniversary of the Congress of South African Trade Unions (COSATU) on December 4, 2010 in Johannesburg. (File Photo/CFP)China’s President Hu Jintao has sent an invitation to South African President Jacob Zuma to attend the third BRICs leaders’ summit to be held in China. Picture: Zuma (center) celebrates the 25th anniversary of the Congress of South African Trade Unions (COSATU) on December 4, 2010 in Johannesburg. (File Photo/CFP)

 

At China’s invitation, South Africa is set to join the Brazil, Russia, India and China (BRIC) group of emerging nations and will attend the first summit of the leading emerging economies in April this year. The group will thus be renamed the “BRICS,” but doubts remain over the suitability of the African nation to join the exclusive club of the fast-growing economies.

Lauding the Chinese decision to invite her country to the BRIC bloc, South Africa’s Cooperation Minister Maite Nkoana-Mashabane said the invitation was conveyed to her by China’s Foreign Minister Yang Jiechi. She said Chinese President Hu Jintao also sent an invitation to President Jacob Zuma to attend the third BRIC leaders’ summit to be held in China. Read more…

BRIC-The Trillion Dollar World Club

December 27, 2010 Comments off

Brazil, Russia, India and China matter individually. But does it make sense to treat the BRICs—or any other combination of emerging powers—as a block?

IN ANY global gathering, the American president is usually seen, at a minimum, as primus inter pares: the one who can make or break the final bargain and select his favoured interlocutors. So in Copenhagen last December, as negotiations for a new climate-change

treaty were entering their final hours, a hastily convened meeting between Barack Obama and China’s prime minister, Wen Jiabao, looked as if it would be the critical moment when a deal might be struck. But when the president turned up, he found not only Mr Wen but the heads of government of Brazil, South Africa and India. This was unexpected. The Americans even thought the Indians had already left the summit. What was conceived as a bilateral talk turned instead into a negotiation with an emerging-market block. As an additional sign that things were changing in the world, the president got a finger-wagging from one of Mr Wen’s hangers-on. But at least Mr Obama was in the room; Europeans were shut out while the emerging powers and America put the final touches to their deal.

This week the same developing countries are meeting again, in Brasília. On April 15th Brazil, India and South Africa—rising powers that are also democracies—put their heads together. The next day South Africa will drop out and Russia and China will join the party, to create a meeting of the so-called BRICs.

For this group, it is a second summit; last June their leaders met in Yekaterinburg, in Russia. That inaugural summit, which produced almost nothing concrete, appeared to be Read more…