卍ᛣᛉ卐 ᛝ ↯↯↯ ѪDurgaѪ ↯↯↯ ᛝ 卍ᛉᛣ卐 On Thursday, July 17, 2014

BRICS Development Bank Agreement Reached

(L to R) Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China’s President Xi Jinping and South Africa’s President Jacob Zuma join their hands during the official photograph of the 6th BRICS summit in Fortaleza, Brazil, on July 15, 2014 (AFP Photo)

(RT) The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries.
The countries’ finance ministers signed the memorandum of understanding in Fortaleza, Brazil on Tuesday, the first day of the BRICS 6th summit. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also inked.
Each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal to reach $100 billion. The BRICS bank will be headquartered in Shanghai and India will preside as president the first year, and Russia will be the chairman of the representatives. Each country will send either their finance minister or Central Bank chair to the bank’s representative board.
Leaders from the five nations – Russia’s President Vladimir Putin, Brazil’s Dilma Rousseff, China’s Xi Jinping, India’s Narenda Modi, and South Africa’s Jacob Zuma, were all in attendance.
The $100 billion emergency lending pool, called the Contingent Reserve Arrangement (CRA), was also established. China will contribute the lion’s share, about $41 billion, Russia, Brazil and India will chip in $18 billion, and South Africa, the newest member of the economic bloc, will contribute $5 billion.
The big launch of the BRICS bank is seen as a first step to break the dominance of the US dollar in global trade, as well as dollar-backed institutions such as the International Monetary Fund (IMF) and the World Bank, both US-based institutions BRICS countries have little influence within.
Membership may not just be limited to just BRICS nations, either. Future members could include countries in other emerging markets blocs, such as Mexico, Indonesia, or Argentina, once it sorts out its debt burden.
The group has already created the BRICS Stock Alliance an initiative to cross list derivatives to smooth the path for international investors interested in emerging markets.
BRICS represents 42 percent of the world’s population and roughly 20 percent of the world’s economy based on GDP, and 30 percent of the world’s GDP based on PPP, a more accurate reading of the real economy. Total trade between the countries is $6.14 trillion, or nearly 17 percent of the world’s total.

Source: RT News
BRICS condemn sanctions against Russia
BRICS condemn sanctions against Russia

Russian President Vladimir Putin, Prime Minister of India Narendra Modi, President of Brazil Dilma Rousseff, President of China Xi Jinping and President of South Africa Jacob Zuma at the 6th BRICS Summit in Brazil on 15 July 2014 [PPIO]
(BRICS Post) Russian President Vladimir Putin has more reason to cheer the outcome of the 6th BRICS Summit as apart from signing into creation a new $100 billion development Bank, Brazil, China, India and South Africa also rallied against the economic sanctions imposed by the West on Moscow.
“We condemn unilateral military interventions and economic sanctions in violation of international law and universally recognized norms of international relations. Bearing this in mind, we emphasize the unique importance of the indivisible nature of security, and that no State should strengthen its security at the expense of the security of others,” said the joint declaration at the end of the BRICS leaders plenary meet in Fortaleza on Tuesday.
The United States is considering imposing unilateral sanctions on Russia, even as Obama vowed to target Russia’s lucrative energy and defense sectors, as well as access to financial markets, says a new AP report.
Meanwhile,the BRICS called for “a comprehensive dialogue, the de-escalation of the conflict and restraint from all the actors involved, with a view to finding a peaceful political solution, in full compliance with the UN Charter” in Ukraine.
Before the Summit, Alexei Pushkov, Chairman of the Russian State Duma Committee on International Affairs, had said BRICS “do not follow the American policy of isolation”.
“When we are said in the West that there is a kind of world community, which condemns us, they mean 28 NATO member states and the EU. However, this is not the world, but the west, the Euro-Atlantic community. And it is, with all its weight, not all of the world community, but only part of it,” Pushkov said.
The BRICS disapproval of the Western model of imposing sanctions would offer support to a beleaguered Moscow.
“Russian President Vladimir Putin very clearly wants to emphasize to the West that he has other options, and the BRICS summit presents a perfect venue for doing just that. It would also indicate how the West no longer has a monopoly on setting the international agenda,”writes columnist and Russia expert Mark Adomanis.
Meanwhile, in the light of the ongoing violence in the Gaza strip, the five BRICS nations reiterated their support for “a contiguous and economically viable Palestinian State existing side by side in peace with Israel, within mutually agreed and internationally recognized borders based on the 4 June 1967 lines, with East Jerusalem as its capital”.
“We oppose the continuous construction and expansion of settlements in the Occupied Palestinian Territories by the Israeli Government, which violates international law, gravely undermines peace efforts and threatens the viability of the two-State solution,” said the BRICS Fortaleza declaration.
The group of five also expressed deep concern at the rising violence in Central African Republic, South Sudan, Iraq and also the crises in Syria and Afghanistan.
BRICS also welcomed the introduction by China and Russia of the updated draft Treaty on the need to prevent weaponization of outer space. The US and Israel have repeatedly voted against UN resolutions on the prevention of an arms race in outer space.
The Fortaleza Declaration also said the group will explore “Russia’s proposal of a BRICS agreement on cooperation” in cyber-security.

Source: BRICS Post

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