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The BRICS' National Development Bank is not trying to replace the IMF-World Bank. It will play a complementary role, catering to the needs of developing countries.
The nature of the world order that eventually emerges will determine the future of BRICS and not the other way round.
The BRICS bank, now tentatively called the New Development Bank, is indeed a new and long overdue development. It is the first step towards reforming the world financial system. It has to be read against the decision of the BRICS nations to do trade more with each other on the basis of currency swaps.
The major achievement of the recent BRICS Summit was the decision to create the long-awaited (BRICS) New Development Bank. The bank can be seen as a growing influence of the BRICS which together represents 18% of the World trade and accounts for 40% of the global population with a combined GDP of $ 24 trillion.
The BRICS ship remains on course to sail steady, and is heading for more effective projects in years to come post the show of strength in Goa
The 6th BRICS Summit brought together the leaders of Brazil, Russia, India, China and South Africa on July 15 in Brazil. The annual diplomatic meeting announced plans for the New Development Bank, which would be located in Shanghai, China.
The BRICS Academic Forum community agreed that the existing global governance architecture did not reflect the realities of the 21st century.
India's best course is the one that Prime Minister Modi is setting. This seeks to position India as a "swing state". On one hand, India has joined the New Development Bank, the AIIB and resisted American-led efforts to condemn Russia over Ukraine. On the other, it is actively wooing the US and its allies, Japan and Australia, in the Asia Pacific region.
The Indian example and its democratic choices are persuasive and much needed in the world.
For most coalitions — and especially so when they involve developing countries — there are usually doomsayers predicting its premature death. The
The question remains: to what extend is the BRICS able to embrace and promote plural discussion.
Previous attempts at building alternate multilateral institutions like the New Development Bank and Asian Infrastructure Investment Bank have been hij
An internationally accepted ‘redback’ and financial institutions under Beijing give China the requisite arsenal to project economic influence and
SCO Bank should be flagged as a competitor to India-led initiatives like BRICS Bank, which may undermine New Delhi’s role as an economic power in th
The rise of BRI is directly proportional to American strategic confusion in Asia.
In spite of its modest economic weight in the initial years, the New Development Bank (NDB) can change the ethos of development finance irreversibly. Rather than replacing or supplanting existing development finance institutions, the NDB will seek to supplement existing resources.
आता 11 सदस्यांसह, ब्रिक्सचा सर्वसमावेशकतेने निर्णय घेणे अधिक कठीण होईल.
