BRICS: News and Discussion

Neshant · Post by **Neshant** » 17 Jul 2014 10:45

Purpose of a BRICS bank is to prevent the threat of sudden capital withdrawal being used as a weapon against BRICS members (and soon to be smaller allies) by western countries (who are also in an economic alliance).

The plan for economic takeover of poor countries typically involves indenturing them into debt slavery by various means one of which is through triggering economic panics. Africa has been screwed for a long time through debt entrapment and East Asia almost fell to it in the late 90s.

Example of sudden capital withdrawal to trigger panic and a selloff in the market was the 1997 Asian Financial Crisis. Indonesia end up at the mercy of the IMF being forced to sell off state assets and resources at throw away prices to entities which are mostly western controlled.

Basically this BRICS bank is a joint defence pact but at the economic rather than military level. Although as time rolls on, if this bank survives, economic common interests will intersect with common military interests of defending the collective investments of the bank.

svinayak · Post by **svinayak** » 17 Jul 2014 11:03

NDB is to take care of China;s overleveraged market,
http://www.sovereignman.com/trends/the- ... ina-14208/

Simple. China’s credit crunch.

After years of unprecedented monetary expansion that has put the economy in a precarious state, the Chinese government has been desperately trying to reign in credit growth.

The shadow banking system alone is now worth 84% of GDP according to an estimate by JP Morgan. The IMF pegs total private credit at 230% of GDP, jumping by 100% in the last few years.

Historically, growth rates of these proportions have nearly always been followed by severe financial crises. And Chinese leaders are doing their best to engineer a ‘soft landing’.

If they’re successful, the world will only see major drops in global growth, stocks, property, and commodity prices.

If they fail, the spillover could become pandemic.

This isn’t important just for Asian property tycoons like Li Ka-Shing. Even if you don’t know Guangzhou from Hangzhou from Quanzhou, there are implications for the entire world.

Not to mention, China could put the entire global financial system on its back just by dumping a portion of its Treasuries in order to defend the yuan.

Now, you’d think that a major credit crunch with far-reaching consequences in the world’s second largest economy, its largest manufacturer, and its largest holder of US dollar reserves, would be constant front-page news.

But it’s not.

Most traditional investors are unaware that what’s happening in China will likely have far greater implications to their investment portfolios than the policies of Janet Yellen and Barack Obama combined. At least for now.

And folks who don’t see this coming and keep buying at the all-time high may see their portfolios turned upside down. Quickly.

At the same time, some investors who are conservative and cashed up may realize a real ‘blood in the streets’ moment.

This is great news because my shareholders and I are able to buy far more property with US dollars than we could even just six months ago.

I expect this trend to hold given that China is just at the beginning of its process.

It’s said that the Chinese word for “crisis” is a combination of “danger” and “opportunity”.

This isn’t entirely accurate. ‘Weiji’ can have several meanings, but is probably best translated as ‘dangerous’ and ‘crucial point’.

We may certainly be at that crucial point, and now might be a good time to take another look at your finances and consider selling before a major crash. The richest man in Asia certainly thinks so.

Philip · Post by **Philip** » 17 Jul 2014 12:27

http://en.ria.ru/russia/20140716/190951 ... Putin.html

Russian GLONASS to Boost Yield Capacity by 50% - Putin

FORTALEZA, July 16 (RIA Novosti) – Deployment of GLONASS satellite navigation systems to the BRICS states is very promising, the technologies allow to boost yield capacity up to 50 percent, Russian President Vladimir Putin said at the plenary session of the BRICS summit Tuesday.

“The joint implementation of the Russian global navigation systems GLONASS looks very promising in a whole range of spheres: transportation, national security and even agricultural industry, where GLONASS technologies, according to the experts’ estimates, allow to boost yield capacity by 30-50 percent,” Putin said.

Earlier Monday, Brazilian Foreign Minister Luiz Alberto Figueiredo told RIA Novosti that two more GLONASS stations were to open in the states of Pernambuco and Rio Grande do Sul. According to the top diplomat, the technological alliance between Brazil and Russia is an important element of bilateral relations, as it facilitates modernization and global competitiveness for both countries.

Global navigation satellite systems

The GLONASS network, which was put into operation in 1993, is considered Russia’s answer to GPS. The network provides real-time positioning and speed data for surface, sea and airborne objects.

panduranghari · Post by **panduranghari** » 17 Jul 2014 17:17

The delight amongst goldbug bloggers about BRICs bank is palpable.

Jarita · Post by **Jarita** » 17 Jul 2014 18:58

Goldbug?

krisna · Post by **krisna** » 18 Jul 2014 04:21

teetar.

The right side image of MMS is ridiculous.

Intially thought fotosopped by overenthusiastic NaMo bhakths but I checked google -- > https://www.hcilondon.in/galleryview.php?category_id=55

The Prime Minister, Dr. Manmohan Singh in a family photo with the BRICS Leaders, at the Fifth BRICS Summit, at Durban, South Africa on March 27, 2013.

disha · Post by **disha** » 18 Jul 2014 06:31

Here is a far far far better report on how Modi ruled over BRICS!

Indrani Bagchi ate a crow!!!

http://timesofindia.indiatimes.com/indi ... 577212.cms

Never trust #mediapimps

NEW DELHI: "Had a telephonic conversation with Chancellor Merkel. Wished her on her birthday and congratulated her on Germany's win at the FIFA World Cup," tweeted prime minister Narendra Modi. For a prime minister who people said was more interested in the economy and domestic politics, Modi appears to be enjoying himself hugely on the international stage, and judging by reports, quite good at it.

If there was any awkwardness over the fact that Merkel had stood him up at dinner last Sunday, Modi did not let it ruffle him or tie up his diplomacy. In fact, in Fortaleza and Brasilia this week, Modi played the bigger game with two important counterparts, Xi Jinping and Vladimir Putin. (He's no slouch in the sartorial department either, whether in a pink kurta in Berlin or a casually draped scarf in Brazil).

Xi Jinping set a cat among the pigeons by inviting Modi over to Beijing for the APEC summit. The US and other western countries will find it extraordinarily hard to resist bringing India into the APEC tent after this. For India, an entry into APEC will allow Modi to integrate India more closely into the global system, make the changes in India's tariff structures and other systems of economic governance he needs to bring India's rates to Asean levels. At some point, India might even make the grade to the transpacific partnership (TPP). But APEC is the gateway to TPP.

Notwithstanding the critics, the BRICS Bank is the biggest challenge to the Fund/Bank sisterhood. India didnt really stand a chance about hosting the headquarters, so Modi didn't waste precious capital on it. It was always going to be headquartered in Shanghai. This was also agreed to by the UPA government. In any case, China as the largest BRICS economy and the deepest pockets is naturally going to dominate the Bank despite the fact that everybody has an equal share.

But an Indian will head the Bank for the first six years. In all these decades, no Indian has ever headed the IMF or World Bank. And the chairmanship will be a rotational thing. That's a big deal for India and will overshadow critics who wonder whether the new bank will fund projects in Arunachal Pradesh. India doesn't even go to the ADB for that.

The Modi-Xi tango would not be unnoticed in Washington and important as the US Congress takes a call on increasing India's voting power in the IMF. On a more political front, Modi has agreed to visit China and Xi will be in India in September — before Modi flies off the Washington DC to meet Barack Obama and after he makes his first trip to see Shinzo Abe. India needs all three — China, Japan and US to fulfil its developmental goals. Modi is playing a deep political game as he opens India for business with all three.

His effusiveness with Vladimir Putin incorporated more layers. Russia is indeed India's oldest partner, as Modi informed Putin. But beyond the nuclear energy, Kudankulam and defence supplies, India signaled solidarity with Russia at a time when Putin is a bad name in the west for his Ukrainian misadventure. After Russia signed a $400 billion gas deal with China and help out the promise of weapons sales to Pakistan, India has worried that its old friend might end up in the Chinese basket. That would have adverse implications for India in the long run. Putin can expect a fulsome welcome when he visits in December.

Modi has ordered a reset of relations with the US, necessary after the last few bad years. How Washington responds to Modi will determine the strategic matrix India's new PM is working on.

Modi is enjoying it and within 5 years if India makes the TPP - all we can say or do is NaMo NaMo only.

Austin · Post by **Austin** » 28 Aug 2014 18:41

BRICS has no ideology, hidden agenda — Russian deputy FM

MOSCOW, August 28. /ITAR-TASS/. The BRICS group (Brazil, Russia, India, China and South Africa) has no ideology and hidden agenda, Russia’s Deputy Foreign Minister Sergei Ryabkov said on Thursday.

Sergei Ryabkov said in an interview to the International Affairs magazine posted on the Russian Foreign Ministry website that “BRICS is still an informal group of five states that are gradually expanding their work agenda, including the political, economic and other applied agenda.” “We already have a serious experience of interaction in the financial sphere and increasingly specific interaction in the spheres connected with any society’s everyday life - from science and technology to agriculture.”

He said, however, that the cooperation should be made more efficient and result-oriented. “But considering its historically short time span (Russian President Vladimir Putin in 2005 put forward the BRICS idea, the first summit was held in 2009, and the next will be held in Ufa next year), compared to other international institutions, the organization has done a lot over this period,” said the high-ranking diplomat.

According to him, the group’s political agenda is widening. Ryabkov said in this regard that the Declaration of the Fortaleza summit of the BRICS “contains very serious theses, important signals” on Syria, Afghanistan and Iran. “This is the base of our joint work with BRICS partners on many acute problems,” the deputy foreign minister said. “I’m sure the consolidation process of the still informal group BRICS will be continued.”

Ryabkov said BRICS has no ideology and cannot have it. “But we support the multipolar world and seek the international law strengthening,” he added. “We believe it is necessary to regulate international processes and settle problems, searching for the balance of interests, compromise and by dialogue. These are the three things that are obvious and perhaps unobjectionable. BRICS has no hidden agenda of any kind.”

The Russian deputy foreign minister forecasts the group’s evolutionary development and calls for focusing on the practical work. “This is a two-track movement - gradual raising of the expectations’ bar and gradual filling with specifics of the already agreed steps,” he said.

Answering a question about cooperation with Latin America and Africa, Ryabkov said Moscow makes its policy in these regions not on the basis of political canons, “so characteristic of the colleagues in the West.” “This is no zero sum game,” he added. He said Russia develops relations in an accelerated regime with some states or reaches breakthrough agreements with a number of countries in various spheres not to the detriment of somebody. “We think it’s normal mutual attraction of the countries that despite their distant geographical location seek to find new partners.” “This practice shall be continued,” he added.

Ryabkov said those who are suspicious of Russia’s policy should take an unbiased attitude to the “developments in Latin America and in Africa in terms of promotion of the Russian interests, their protection and to our formation of new partnerships".

The need for creating a BRICS Development Bank and a reserve currency pool has arisen due to the fact that the United States’ inaction delays the IMF (International Monetary Fund) reforms, Ryabkov noted.

“Certain countries have no influence on the decisions taken by the IMF. This situation does not correspond to the authority and responsibility of these states, primarily BRICS countries,” he said.

“That is why the creation of a BRICS Development Bank and a reserve currency pool will help form any instruments that help deal with financial stabilization and financial support to promising projects without problems in mutual relations with the IMF and the IBRD (International Bank for Reconstruction and Development),” Ryabkov said.

ramana · Post by **ramana** » 28 Aug 2014 23:33

X-Post...

quote="svinayak"]Ultimate realist in Geopolitics
He understands that religion is part of geopolitics.

Dimitri Kitsikis (Greek: Δημήτρης Κιτσίκης; born 2 June 1935) is a Greek Turkologist, Professor of International Relations and Geopolitics.

http://en.wikipedia.org/wiki/Dimitri_Kitsikis

Dimitri Kitsikis, since the 1960s, has been the recognised theorist, first in Greece and then in Turkey, of the idea of a Greek-Turkish Confederation, which he has promoted by influencing statesmen, politicians, journalists, artists and thinkers in both countries.[26] His books in Turkish became best sellers in Turkey and were praised by the Prime Minister of Turkey.[27] He kept close ties with Prime Ministers Konstantinos Karamanlis senior of Greece and Turgut Özal[28] of Turkey as well as the Chinese leaders Mao Zedong and Deng Xiaoping.[29] His books in Greek created one of the greatest controversies ever encountered in Greek historiography. They were even debated in the Greek Parliament.[30] The well-established notion of Greeks enslaved by Turks, as well as a series of beliefs on the Ottoman Empire that had been traditionally taught in schools and universities throughout Greece, such as the story of the so-called "secret school," were strongly questioned.[31] While his father, Nikos Kitsikis, rector of the Polytechnical School, was a Leftist Member of Parliament, Senator and elected Mayor of Athens, Dimitri Kitsikis is averse towards the parliamentary system, which he regards as foreign to the Greek model of a government by the people or laocracy, Greek "λαοκρατία".[32]

He has been the initiator in France of the branch of the History of International Relations that deals with propaganda and pressure as a government weapon of foreign policy.[33] He also opened the way to the study of technocracy in international politics.[34] He has insisted that religion is an essential component of international politics and strove by conferences and other means to facilitate the collaboration between the four main religions of Judaism, Christianity, Islam and Hinduism.[35] He organised Orthodox dialogues with Iranian Shiites and Indian Hindus. He worked with Israeli Jews and fundamentalist Catholics from Quebec, where he, along with his students, produced the quarterly journal Aquila (eagle) which, with a double-headed eagle on the front cover promoted the Byzantine imperial idea amongst catholic circles.He also worked closely with the Fethullah Gülen Sunni Muslim Movement (See Gülen's "Dialog of Civilizations Platform"). But everywhere and at all times, the idea of a global hellenism is prevalent in his works and his teaching.[36]

He created a model[37] for a new approach of the three political ideologies of Liberalism, Fascism and Communism, and has published on the history of China. He is the founder of the branch of study known as Photohistory.[38]

[/quote]

Now look at the BRICS and Iran.

arun · Post by **arun** » 28 Sep 2014 08:12

Press release on the Meeting of BRICS Foreign Ministers (New York, 25 September 2014)

September 26, 2014

The BRICS Foreign Ministers met on 25 September 2014 on the margins of the 69th session of the United Nations General Assembly.

In the spirit of openness, inclusiveness and mutually beneficial collaboration, the Ministers reiterated the commitment of BRICS to comprehensive cooperation and a closer economic partnership.

The Ministers congratulated Brazil for organizing the VI Summit and noted that the Fortaleza Action Plan was being successfully implemented. They underlined that the decisions to establish the New Development Bank and the Contingent Reserve Arrangement taken at the Summit raise BRICS cooperation to a fundamentally new level. The Ministers reiterated the need to promptly convene a meeting to advance intra-BRICS economic, trade and investment cooperation, as stated in the Fortaleza Declaration.

While discussing the issues of the current UN agenda, the Ministers emphasized the following.

The Ministers recalled that 2015 is the 70th anniversary of the founding of the United Nations and of the end of the Second World War. They supported the UN to initiate and organize commemorative events to mark and pay tribute to these two historical moments in human history, and reaffirmed BRICS members’ commitment to safeguarding a just and fair international order based on the UN Charter, maintaining world peace and security, as well as promoting human progress and development. They also reaffirmed the need for a comprehensive reform of the UN, including the Security Council with a view to making it more representative, effective and efficient, so that it can adequately respond to global challenges.

They called upon the Israeli and Palestinian sides to do their utmost to preserve the ceasefire regime and to reach a steady truce in the Gaza Strip as well as to prevent further recurrences of the use of force. They highly appreciated the role played by Egypt in the cessation of hostilities.

The BRICS member states expressed their support for the immediate resumption of negotiations between the Israelis and the Palestinians based on international law and relevant United Nations resolutions with the final aim of an independent, viable and contiguous Palestinian State based on the 1967 borders and living side by side in security and peace with Israel and all its neighbours. They called upon the international community, in particular the United Nations Security Council, to intensify its efforts towards the realization of this goal.

They voiced concern over the grave humanitarian situation in Gaza. The BRICS member states supported Egypt and Norway’s plans to hold an international donor conference on the reconstruction of the Gaza Strip in Cairo this October. The Ministers underlined that the implementation of such initiatives should be backed by prompt steps towards lifting the blockade on Gaza and promoting Palestinian reconciliation in order to restore administrative unity to the Palestinian territories on the basis of the political platform of the PLO and the Arab Peace Initiative.

The Ministers welcomed the agreement reached between the two Afghan leaders and committed to support the new government of Afghanistan in pursuing the task of building a strong, developed and peaceful nation.

The Ministers voiced serious concern over the conflict areas in Africa that negatively affect the security and stability of some States. They expressed their common view that the main role in tackling African conflicts should be played by Africans themselves with active support from the UN and the international community, through the African Union and its Peace and Security Council.

The Ministers of Foreign Affairs of the BRICS countries expressed their interest in exploring ways of joining efforts for supporting the prompt establishment of the interim African Capacity for Immediate Response to Crises (ACIRC) and the subsequent establishment of the African Stand-by Force.

The BRICS member states expressed grave concern about the outbreak of the Ebola virus in and its impact on West African countries. The Ministers stressed the need to contain the spread of the disease. They called for an urgent and comprehensive support of all relevant UN system entities, including WHO, to assist the affected countries in responding effectively to the crisis, and in this regard, welcomed the establishment of the UN Mission for Emergency Ebola Response. In this context, they supported the High Level Meeting on response to Ebola outbreak, convened by the UN Secretary-General on 25th September 2014. Each of BRICS countries has contributed to the international effort against the disease.

The Ministers underscored the importance of ensuring peace and stability in Ukraine. They welcomed the Protocol on the results of consultations of the Trilateral Contact Group, signed on September 4, 2014, and the Memorandum on the implementation of the said Protocol signed on September 20, 2014, and expressed their hope that the provisions of these documents shall be complied with.

The Ministers supported the UN Security Council resolution of September 24, 2014, on foreign terrorist fighters and called on the international community to cooperate in efforts to address the threat posed by the foreign terrorist fighters, including by preventing their recruitment, movement across borders and disrupting their financial support.

The Russian side briefed its partners on the preparations for the VII BRICS Summit in 2015 in the city of Ufa. Russia stressed its willingness to ensure the continuity of strategic focus of the association, while enriching it with new areas and formats of cooperation, which will be shared by the Russian Chairpersonship during the preparatory process.

The sides discussed the possibilities of supporting each other’s initiatives at the 69th session of the UN General Assembly.

New York,
September 25, 2014

MEA Press Release

arun · Post by **arun** » 28 Sep 2014 09:20

The partial BRICS, IBSA in action:

Joint Communique on IBSA Dialogue Forum

September 26, 2014

1.The External Affairs Minister of India, H.E. Ms. Sushma Swaraj, The Minister of External Relations of the Federative Republic of Brazil, H.E. Ambassador Luiz Alberto Figueiredo Machado, and the Minister of International Relations and Cooperation of the Republic of South Africa, H.E. Ms. Maite Nkoana-Mashabane met in New York on 25 September 2014, on the sidelines of the 69th Session of the United Nations General Assembly.

2.Reiterating their commitment towards further deepening and strengthening of the IBSA Dialogue Forum, the Ministers expressed satisfaction that IBSA provides an important platform for mutual consultation and cooperation on a range of regional and global issues of mutual interest. They noted that the existing comprehensive legal and institutional framework under IBSA comprising intergovernmental interaction and People-to-People Fora for multifaceted mutually beneficial cooperation, provides a solid base to take the IBSA cooperation forward. The Ministers stressed the importance of close coordination and cooperation among IBSA countries in various multilateral fora including the UN, WTO, WIPO, G20, G24, BRICS, BASIC and so on.

3.The Ministers emphasized the growing importance of South-South cooperation. In this context, they noted that the IBSA Fund for Alleviation of Poverty and Hunger plays an important role through sharing of developmental experience of IBSA countries for inclusive and sustainable growth and empowerment of the peoples of developing countries. They agreed that the footprint of IBSA Fund should be expanded to reach out to other countries in need of immediate developmental assistance. The Ministers also stressed the need to explore IBSA Fund projects aimed at women empowerment.

4.The Ministers underscored the urgent need for a comprehensive reform of the global institutions of political and economic governance. In this context, they stressed that the UN Security Council must be enlarged in both permanent and non-permanent categories in order to better reflect present day realities and to make it more representative, legitimate, efficient and effective. Noting that the year 2015 is the 70th anniversary of the United Nations and the 10th year following the collective mandate of the Leaders at the 2005 World Summit calling for an early reform of the UN Security Council, the Ministers agreed to intensify their cooperation for a decisive conclusion next year on reforming the Security Council with the addition of new permanent and non-permanent members. They expressed full support for each other’s candidature for a permanent seat in a reformed UN Security Council.

5.The Ministers underscored that terrorism is a grave challenge to international peace and security. They called for a comprehensive and determined international action including strengthening of international normative regime through the early conclusion and adoption of the draft Comprehensive Convention on International Terrorism to address this menace. They reaffirmed that the United Nations has a central role in coordinating international action against terrorism and urged the international community for concrete and coordinated response to terrorism, in accordance with international law.

6.The Ministers also exchanged views on the current security situation in parts of the Middle East, Africa and other regions. They agreed that inclusive political processes are the best way to address internal conflicts. The international community, led by the UN and in conformity with the UN Charter and the principles of international law, should support inclusive political processes, rule of law and socio-economic development so that sustainable peace and security is established in conflict-ridden societies.

7.The Ministers expressed grave concern at the loss of a large number of civilian lives and extensive damage to infrastructure in Gaza. They welcomed the long-term ceasefire in Gaza, mediated by Egypt, and hoped that it would lead to an immediate resumption of negotiations between Israelis and Palestinians based on international law and relevant United Nations Resolutions with the final aim of an independent, viable and contiguous Palestinian State based on the 1967 borders and living side by side in security and peace with Israel and all its neighbours. They further pledged their continued developmental support to Palestine bilaterally as well as through IBSA Fund. In this context, the Ministers recalled the two ongoing projects of the IBSA Fund in Palestine. They also announced their decision to launch a project for the reconstruction of medical center Atta Habib in Gaza, already agreed with the relevant Palestinian authorities and pledged US$ 1 million for the project.

8.They expressed deep concern at the grave situation in Iraq, particularly in view of its spillover effects in the region. The Ministers expressed strong support to the Iraqi people and their new government in their efforts to overcome the crisis, uphold national sovereignty and preserve territorial integrity and also urged the regional and global players to support Iraq in its efforts towards national reconciliation.

9.Recalling their efforts as IBSA to contribute to a peaceful and diplomatic solution of the situation in Syria, the Ministers called upon all parties to the Syrian conflict to abjure violence so that conducive environment may be created for an inclusive Syrian-led political dialogue leading to a comprehensive political solution, taking into account the legitimate aspirations of the people of Syria.

10.The Ministers voiced serious concern over the threats to peace and security in the African Continent. They also discussed the political and humanitarian situation in Libya, the DRC, Somalia, the CAR, Mali and the South Sudan. They expressed common view that the main role in tackling African conflicts should be led by Africans themselves with active support from the UN and the international community. The need for the UN to ensure stronger cooperation and coordination with the regional representative body, the African Union and its Peace and Security Council was also reiterated.

11.The Ministers expressed grave concern about the impact of the Ebola outbreak in West African countries. Coordination among various stakeholders and partners including the UN agencies, especially the WHO, national governments, regional organizations, private sector and NGOs that have direct presence on the ground will go a long way in reaching the assistance to the needy quickly. The Ministers reaffirmed that in this hour of need, they stood ready to contribute to the ongoing efforts of the international community to manage this common global threat.

12.The Ministers agreed to hold the 8th meeting of Trilateral Commission in South Africa at a mutually agreed date.

New York,

September 25, 2014

Weblink:

Clicky

Philip · Post by **Philip** » 28 Sep 2014 09:32

The lament of the lost.The "Fogh" of the UKR civil war surely had Anders Fogh Rasmussen blind and clueless about the truth of the UKR crisis.It was aided and abetted by EU politicos who openly joined hands with neo-fascist forces.The fact that arguably the world's most experienced and visionary diplomats,Henry Kissinger could not get an appointment with O'Bumbler aka O'Bomber,shows how small-minded and obtuse are the brains of some of the individuals who head the world's most powerful positions.

BRICS is now growing steadily as a counterforce to the failed Pax Americana and the illusion of a uni-polar world.Read Fogh's parting diatribe to understand why NATO is in such a shambles,lurching from nation to nation across the globe ,destroying everything in its path like a drunken dinosaur.

Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
http://www.independent.co.uk/news/world ... 60093.html

Xcpt:
[quote]In our eastern neighbourhood, Russia has shown utter disregard for international law and a brutal determination to redraw borders by force. The pattern is clear. From Moldova to Georgia, and now in Ukraine, Russia uses a mix of economic, political, propaganda and military pressure, to produce instability and manufacture hot conflicts which it can freeze at will. Moscow's masterplan is to prevent its neighbours from choosing their own path so that it can rebuild a sphere of influence.

Russia's behaviour is my deepest disappointment of the past five years. My very first speech as Nato Secretary General, in September 2009, focused on seeking a strategic partnership with Russia. I saw this as a historic opportunity which my generation could not miss.

But while we did expand our practical co-operation in the common fight against terrorism, narcotics and piracy, we never agreed on missile defence. Russia's aggression against Ukraine has challenged our vision of a Europe whole, free and and at peace. Despite our efforts since the collapse of communism, Russia clearly views Nato not as a partner, but as an adversary.

Unless Russia changes course, there can be no business as usual, and I expect that engagement with Moscow will remain a considerable challenge for the foreseeable future.

Russian military cadets march in Red Square Moscow Russian military cadets march in Red Square Moscow (AFP/Getty)

So, in Wales, we took the necessary steps to ensure that Nato stands ready to act swiftly and decisively to defend all allies against threats from any direction. We will maintain a continuous presence in Eastern Europe, with more planes in the air, more ships at sea, and more troops on the ground. We are also setting up a spearhead force at very high readiness, able to respond within days to a crisis emerging to the east or south.[quote]

Philip · Post by **Philip** » 23 Feb 2015 12:56

Russia ratifies $100bn BRICS New Development Bank
Published time: February 20, 2015

(L-R) Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma join their hands at a group photo session during the 6th BRICS summit in Fortaleza July 15, 2014. (Reuters/Nacho Doce)

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.

Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.

It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.

The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.

The decision to establish the BRICS bank, along with a $100 billion reserve currency pool, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.

The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and the first Chairman of the Board of Directors will come from Brazil.

http://rt.com/files/news/39/22/b0/00/brics_new_4.png

Philip · Post by **Philip** » 25 May 2015 12:42

http://rt.com/op-edge/261237-brics-us-s ... ca-russia/

BRICS trample US in South America

Pepe Escobar is the roving correspondent for Asia Times/Hong Kong, an analyst for RT and TomDispatch, and a frequent contributor to websites and radio shows ranging from the US to East Asia.
May 22, 2015 15:26

Russia's President Vladimir Putin (R) and Argentina's President Cristina Fernandez de Kirchner arrive to the official photo session for the BRICS summit (Reuters / Sergio Moraes)

It started in April with a rash of deals between Argentina and Russia during President Cristina Kirchner’s visit to Moscow.

And it continues with a $53 billion investment bang as Chinese Premier Li Keqiang visits Brazil during the first stop of yet another South American commercial offensive – complete with a sweet metaphor: Li riding on a made in China subway train that will ply a new metro line in Rio de Janeiro ahead of the 2016 Olympics.

Where is the US in all this? Nowhere; little by little, yet inexorably, BRICS members China – and in a smaller measure, Russia - have been no less than restructuring commerce and infrastructure all across Latin America.

Countless Chinese commercial missions have been plying these shores non-stop, much as the US did between World War I and II. In a key meeting in January with Latin American business leaders, President Xi Jinping promised to channel $250 billion for infrastructure projects in the next 10 years.

Top infrastructure projects in Latin America are all being financed by Chinese capital – except the Mariel port in Cuba, whose financing comes from Brazil’s BNDES and whose operation will be managed by Singaporean port operator PSA International Pte Ltd. Construction of the Nicaragua canal – bigger, wider and deeper than Panama’s - started last year by a Hong Kong firm, to be finished by 2019. Argentina, for its part, clinched a $4.7 billion Chinese deal for the construction of two hydroelectric dams in Patagonia.

Chinese Premier Li Keqiang (L) and Brazil's President Dilma Rousseff look on before a meeting at the Planalto Palace in Brasilia, May 19, 2015 (Reuters / Ueslei Marcelino)
Chinese Premier Li Keqiang (L) and Brazil's President Dilma Rousseff look on before a meeting at the Planalto Palace in Brasilia, May 19, 2015 (Reuters / Ueslei Marcelino)

Among the 35 deals clinched during Li’s visit to Brazil, there was financing worth $7 billion for Brazil's oil giant Petrobras; 22 Brazilian Embraer commercial jets to be sold to Tianjin Airlines for $1.3 billion; and a raft of agreements involving top iron ore producer Vale. Chinese investment might go some way into overhauling Brazil’s appalling network of roads, railways and ports; airports are in slightly better condition due to upgrades prior to the World Cup last year.

The star of the whole show is undoubtedly the proposed $30 billion, 3,500 kilometer-long, Atlantic-Pacific mega-railway, that is slated to run from the Brazilian port of Santos to the Peruvian Pacific port of Ilo via Amazonia. Logistically, this is a must for Brazil, offering it a Pacific gateway. Winners will inevitably be commodity producers – from iron ore to soya beans - exporting to Asia, mostly China.

The Atlantic-Pacific railway may be an extremely complex project – involving everything from environmental and land rights issues to, crucially, the preference for Chinese firms every time Chinese banks deliberate on extending lines of credit. But this time, it’s a go. The usual suspects are - what else - worried.

Watch the geopolitics

Official Brazilian policy, since the Lula years, has been to attract top Chinese investment. China is Brazil's top trading partner since 2009; it used to be the US. The trend started with food production, now it moves to investment in ports and railways, and the next stage will be technology transfer. The BRICS New Development Bank and the China-led Asian Infrastructure Investment Bank (AIIB), of which Brazil is a key founding member, will definitely be part of the picture.

The problem is this massive trade/commerce BRICS interplay is intersecting with a quite convoluted political process. The top three South American powers - Brazil, Argentina and Venezuela, which also happen to be Mercosur members – have been facing repeated “destabilization” attempts by the usual suspects, who routinely denounce the foreign policy of Presidents Dilma Rousseff, Cristina Kirchner and Nicolas Maduro and yearn for the good ol’ days of a dependent relationship with Washington.

With different degrees of complexity – and internal strife - Brasilia, Buenos Aires and Caracas are all simultaneously facing plots against their institutional order. The usual suspects don’t even try to dissimulate their near total diplomatic distance from the South American Top Three.

Venezuela, under US sanctions, is considered a threat to US national security – something that does not even qualify as a bad joke. Kirchner has been under relentless diplomatic assault – not to mention US vulture funds targeting Argentina. And with Brasilia, relations are practically frozen since September 2013, when Rousseff suspended a visit to Washington in response to the NSA spying on Petrobras, and herself personally.

And that leads us to a crucial geostrategic issue – so far unresolved.

NSA spying may have leaked sensitive information on purpose to destabilize the Brazilian development agenda – which includes, in the case of Petrobras, the exploration of the largest oil deposits (the pre-salt) found so far in the young 21st century.

The Petrobras headquarters in Rio de Janeiro (Reuters / Sergio Moraes)
The Petrobras headquarters in Rio de Janeiro (Reuters / Sergio Moraes)

What is unraveling is so crucial because Brazil is the second-biggest economy in the Americas (after the US); it is the biggest Latin American commercial and financial power; it hosts the former second-biggest development bank in the world, BNDES, now overtaken by the BRICS bank; and it also hosts the biggest corporation in Latin America, Petrobras, also one of the world’s top energy giants.

The hardcore pressure against Petrobras comes essentially from US shareholders – who act like the proverbial vultures, bent on bleeding the company and profit from it, allied with lobbyists who abhor Petrobras’s status as the priority explorer of the pre-salt deposits.

In a nutshell, Brazil is the last great sovereign frontier against unbounded hegemonic domination in the Americas. The Empire of Chaos had to be annoyed.

Ride the continental wave

The constantly evolving strategic partnership of the BRICS nations has been met by Washington circles not only with incredulity but fear. It’s virtually impossible for Washington to do real damage to China – but much “easier”, comparatively, in the case of Brazil or Russia. Even though Washington’s wrath targets essentially China – which has dared to do deal after deal in the former “America’s backyard”.

Once again, the Chinese strategy – as much as the Russian – is to keep calm and carry a “win-win” profile. Xi Jinping met with Maduro in January to do – what else – deals. He met with Cristina Kirchner in February to do the same – just as speculators were about to unleash another attack against the Argentine peso. Now there’s Li’s visit to South America.

Needless to say, trade between South America and China continues to boom. Argentina exports food and soya beans; Brazil the same, plus oil, minerals and timber; Colombia sells oil and minerals; Peru and Chile, copper, and iron; Venezuela sells oil; Bolivia, minerals. China exports mostly high-value-added manufactured products.

A key development to watch in the immediate future is the Transul project, which was first proposed at a BRICS conference last year in Rio. It boils down to a Brazil-China strategic alliance linking Brazilian industrial development to partial outsourcing of metals to China; as the Chinese increase their demand - they are building no less than 30 megalopolises up to 2030 – that will be met by Brazilian or Sino-Brazilian companies. Beijing has finally given its seal of approval.

So the long-term Big Picture remains inexorable; BRICS and South American nations – which converge in the Unasur (The Union of South American Nations) – are betting on a multipolar world order, and a continental process of independence.

It’s easy to see how that is oceans away from a Monroe doctrine

vijaykarthik · Post by **vijaykarthik** » 25 May 2015 14:03

^ the above article also needs to be taken with a pinch of salt. China is coming under increased scrutiny in a lot of LatAm countries too. They are too cut throat for the liking of many fellas.

Think Africa too. China has entered and got into a lot of deals. But there is no love lost between the Africans & Chinese.

Philip · Post by **Philip** » 26 May 2015 19:30

Novel idea.Guys line up for your new BRICS travel cards!

http://in.rbth.com/world/2015/05/21/bri ... 43245.html
BRICS members aim to introduce business travel card
May 21, 2015 RT.com

The BRICS Business Travel Card’s goal is to simplify different kinds of visas as it proposes five-year validity with multiple entries to all BRICS countries.

The 7th BRICS summit will be held in the Russian city of Ufa in Bashkortostan this year. Source: BRICS 2015

India and South Africa have confirmed they want to introduce a special business travel card for BRICS countries which will ease visa procedures and business between members.

“Areas for consideration would include the extension of multiple entry business visas for longer periods and the exploration of the proposal to introduce a BRICS Business Travel Card,” said a joint communiqué of the 9th India-South Africa Ministerial conference in Durban, South Africa, on Tuesday.

BRICS to forge PPP platform for green tech, Russia offers help

South Africa is already providing business people from BRICS easier access to the country.

“I have approved the issuance of port of entry visas to BRICS (Brazil, Russia, India and China) business executives for up to 10 years, with each visit not to exceed 30 days,” said the Republic of South Africa’s Home Affairs Minister Malusi Gigaba in February.

The BRICS Business Travel Card’s goal is to simplify different kinds of visas as it proposes five-year validity with multiple entries to all BRICS countries.

The idea of the card was introduced in 2013 at the end of the 5th BRICS Summit in Durban.

India and South Africa acknowledged the significance of the role played by BRICS in achieving “more representative and equitable global governance,” and agreed to continue to work together to augment trade, investment and financial cooperation between BRICS nations.

The two agreed to strengthen the BRICS mechanism, aiming to improve global political and economic governance and to make voices of emerging markets and developing countries heard in international affairs.

During the most recent 6th BRICS summit in July 2014, Brazil, Russia, India, China and South Africa established the $100 billion New Development Bank (NDB). The NDB is expected to rival Western dominance in financing development and become a key lending institution.

The 7th BRICS summit will be held in the Russian city of Ufa in Bashkortostan this year.

BRICS nations account for nearly $16 trillion in GDP and 40 percent of the world's population

habal · Post by **habal** » 29 May 2015 22:05

West pulled out $3.5trn from BRICS to thwart group – Russian Security Council

http://rt.com/business/262001-brics-wes ... ithdrawal/

panduranghari · Post by **panduranghari** » 03 Jun 2015 23:56

Pity we are encumbered with Jet Li. The finance minister of China was eloquent. The representatives of Brazil, Russia and South Africa also spoke better than Jet. Its worse than sad we have such a FM. A poor mans Manmohan Singh when MMS was a FM in 1991.

Austin · Post by **Austin** » 04 Jul 2015 11:33

$100bn BRICS monetary fund to be operational in 30 days

The $100 billion BRICS Contingency Fund, that leaders from Brazil, Russia, India, China and South Africa had approved last year to combat currency crises, will be operational in 30 days, the Brazilian Foreign Ministry said on Tuesday.

Lawmakers from all five countries have now ratified their participation in the agreement.

China will provide the bulk of the funding with $41 billion, Brazil, Russia and India with $18 billion each, and South Africa with $5 billion.

“The agreement aims to provide temporary resources to BRICS members facing pressure in their balance of payments. This instrument will contribute to promoting international financial stability, as it will complement the current global network of financial protection,” the Brazilian Foreign Ministry said in a statement.

“It will also reinforce the world’s economic and financial agents’ trust and mitigate the risk of contagion from eventual shocks which may come to affect the economies of the bloc,” it said.

Last year, during its sixth summit in Brazil, BRICS announced the creation of the BRICS Development Bank and of the BRICS Contingency Reserve Arrangement (CRA).

“The establishment of a self-managed contingent reserve arrangement would have a positive precautionary effect, help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability,” South African President Jacob Zuma said earlier.

The CRA is meant to provide an alternative to International Monetary Fund’s emergency lending. In the CRA, emergency loans of up to 30 per cent of a member nation’s contribution will be decided by a simple majority. Bigger loans will require the consent of all CRA members.

Meanwhile, the $100 billion development bank, funded by BRICS countries, will offer loans to other middle- and low-income countries.

Membership of the BRICS Bank will be open to all members of the United Nations, subject to agreement from the bank’s board of governors, China’s Vice Finance Minister Shi Yaobin said last month.

“The establishment of the BRICS bank is a landmark event in financial cooperation, which will promote the BRICS countries and other emerging markets, and infrastructure construction and sustainable development in developing countries,” said Yaobin.

“The promotion of reform in global economic governance has important and far-reaching significance,” he added.

As the BRICS countries prepare to launch new financial institutions like the $100 billion BRICS Bank, the China-led Asia Infrastructure Investment Bank, and a $100 billion BRICS currency reserve fund, the IMF has once again delayed voting reforms to give emerging countries greater say.

A statement from the International Monetary Fund last month said the board has postponed the discussion on how to move forward without Washington.

BRICS leaders Vladimir Putin, Xi Jinping, Jacob Zuma, Narendra Modi and Dilma Rousseff are meeting next week in the Russian city of Ufa for the 7th BRICS Summit.

Austin · Post by **Austin** » 04 Jul 2015 11:35

KV Kamath relinquishes ICICI Bank post, gets set for job as BRICS head

"...effective close of business hours on June 30, 2015, KV Kamath, non-executive chairman of the bank, has relinquished office consequent on his nomination and acceptance of full-time executive position based in Shanghai as the President of the New Development Bank," ICICI Bank said in a BSE filing.

Yagnasri · Post by **Yagnasri** » 04 Jul 2015 14:55

I have seen Kamath for almost from the start of ICICI Bank story. Never liked him or his bank much. But may be best person among bankers we have. Rest of the people particularly form PSUs have no such drive etc.

SSridhar · Post by **SSridhar** » 05 Jul 2015 05:52

India to walk BRICS tightrope on Japan - Indrani Bagchi, ToI

India will be walking a diplomatic minefield at the forthcoming BRICS summit in Ufa, Russia. This year being the 70th anniversary of World War II, both China and Russia are keen to include a reference to the war and the victory over forces of fascism, imperialism and colonialism in the declaration. {Today, China is the biggest imperialist and colonialist}

This will put India in a bit of a quandary. While India was not an independent nation during the war, Indians fought on the side of the allies. That would put India on the side of China and Russia. But it's not so simple. A strongly worded reference to the opposing side would be a particularly damning one for Japan, which was on the losing side.

At this point in time, neither China nor Russia would have any qualms in slamming Japan for its historical crimes, with China taking a special interest in it.

However, Japan shares warm ties with India and is one of its closest international partners at present.

Unlike other Asian nations, India is almost unique in that it has virtually no pre-war history with Japan (except for Subhash Chandra Bose). In the present day, India is also one of the few countries to support Japan's journey to become a "normal" nation.

It will need all of India's diplomatic effectiveness to soften the blow to Japan. China-Japan and Japan-Russia relations are currently at a low point, so it's uncertain what India would be able to accomplish.

Japan and China will both have their own WWII anniversary events this year, all designed to create the maximum buzz for their respective constituencies.

Japanese Prime Minister, Shinzo Abe is scheduled to make a personal statement in mid-August on the 70th anniversary during which he is expected to express remorse for Japan's actions during those years. China, Korea and the US want him to take the apology further, but it's not clear how far back Abe will go with his statement.

On September 3, China is expected to hold its own 70th anniversary event, where Japan is expected to be mentioned in very critical terms. Japan cannot expect an easy ride from Russia either on this issue.

India should work with Brazil & South Africa to dissuade Russia & China from making references to issues over seven decades old in a joint statement. In the end, it should agree only to a general statement, if at all, without reference or even implication to any particular country because these issues are not current and are bilateral among Russia, China & Japan. BRICS can therefore agree only to overall principles of opposing fascism, colonialism & imperialism, which both Russia and China have exhibited (or are exhibiting) in ample measures anyway.

Austin · Post by **Austin** » 05 Jul 2015 14:33

Pundi Srinivasan Raghavan: Indian-Russia relations are not affected by external developments

Indian Ambassador to Russia Pundi Srinivasan Raghavan has given an interview to Interfax ahead of the BRICS and SCO summit in Ufa in which he speaks about India‘s attitude to the two organization, as well as bilateral Indian-Russian ties.

Question: To what extent and why India is interested in the BRICS format? Does India consider this format a means of countering the attempts made by some Western countries to even further consolidate their leading position in global politics?

Answer: In recent years, BRICS has emerged as an important multi-lateral forum for consultation, coordination and cooperation on contemporary global issues of mutual interest. The agenda of BRICS meetings has considerably widened over the years to encompass issues such as international terrorism, climate change, food and energy security, global economic trends, sustainable development and WTO deliberations. We have convergences in the position of BRICS countries on the elements of a democratic, multi-polar world order.

BRICS brings together five major economies, comprising approximately 40% of the world’s human resources and about 25% of the world’s GDP. Together, they constitute a global economic powerhouse. Also, there is considerable potential for strengthening intra-BRICS cooperation in areas like online education, affordable healthcare platforms, virtual BRICS University, small and medium enterprises, tourism, youth exchanges and science and technology. We hope to see forward movement in these areas in BRICS 2015.

Therefore, we can say BRICS today plays an important role in global politics and economics.

Q.: What is India‘s attitude towards the fact that Russia is under sanctions and partly isolated over the situation in Ukraine?

A.: India has enjoyed a close relationship of friendship, trust and mutually beneficial cooperation with Russia over many decades. We term our relationship today as a special and privileged strategic partnership. Our relations are not affected by external developments.

Regarding Ukraine, we support an end to violence and conflict in that country, and support diplomatic efforts to resolve all issues in a way that meets the aspirations of all sections of Ukraine’s population and in harmony with the legitimate interests of all countries in the region.

Q.: Does Delhi plan to switch to national currencies when handling settlements with Russia? When might this happen?

A.: Answer: India and Russia have been discussing trade in national currencies as an initiative for significantly increasing volume of bilateral trade. Our Central Banks have set up a Joint Working Group to work out the modalities. There have been talks between the EXIM Bank of India and the Vnesheconombank of Russia for a guarantees cooperation arrangement, towards facilitating loans in local currencies for Indian and Russian companies seeking to invest in each others’ countries. Such arrangements could boost mutual investment.

Q.: India and Pakistan are close to joining the SCO. Why is Delhi interested in this organization? Can the membership of India and Pakistan in this organization assist the further normalization of relations between the two countries?

A.: The Shanghai Cooperation Organization is an important regional mechanism for cooperation in the areas of economy, regional security, counter-terrorism, energy, transport connectivity and culture. India has been actively associated with SCO as an observer since 2005 and we have stated our willingness to play a larger role in the Organization as a full member.

As for your question relating to our relations with Pakistan, India seeks peace and friendship with all its neighbors on the basis of mutually beneficial economic cooperation and mutual sensitivity to core concerns. We follow a bilateral approach to developing such relations and do not bring them into multilateral organizations.

Q.: Is there an opportunity to consolidate effort within the SCO framework given the growing terrorist threat in Afghanistan?

A.: As we have already mentioned, SCO is an important mechanism in many areas including counter-terrorism and regional security. The organization can play a positive role in addressing regional security concerns in its neighborhood.

Q.: India and the United States have recently renewed the bilateral military and technological cooperation agreement. Can this have a negative impact on Russian-Indian interaction in the military and technological sphere?

A.: The relations between India and Russia have always been characterized by long-standing friendship and mutual trust. Russia is an important strategic partner of India and will remain so. It is our leading partner in military-technical cooperation and the only country with which India has an Inter-Governmental Commission on Military-Technical Cooperation headed by the defense ministers. Our military-technical cooperation is intensive and multi-faceted and is not impacted by other bilateral relationships.

Q.: Is Delhi concerned about the development of military and technological cooperation between Russia and Pakistan?

A.: As India’s Ambassador to Russia, my focus is on India-Russia bilateral relations. It would not be appropriate for me to comment on Russia’s relations with third countries.

Q.: Is Delhi interested in developing energy cooperation with Russia? Russia‘s Zarubezhneft Company earlier planned to increase its activities in India. Has the Indian side made any practical steps in this direction?

A.: Russia is a major energy producer and India is one of the faster growing energy consumers. Obviously we would like to see an expansion of energy cooperation with Russia. Oil India Limited (OIL) has signed a [memorandum of understanding] MOU with M/s. Zarubezhneft, Russia during the India-Russia Annual Summit on December 11, 2014 at New Delhi. The two sides are exploring specific projects in which they can collaborate for joint research and evaluation. At the annual Summit in December 2014, both the countries placed special emphasis on identifying specific projects for cooperation in hydrocarbon sector. Our major oil and gas companies are in touch with Russian oil and gas companies towards this goal.

Austin · Post by **Austin** » 05 Jul 2015 14:34

Talks on terrorism to economics: What to expect from BRICS and SCO summits in Russia

SSridhar · Post by **SSridhar** » 06 Jul 2015 09:31

Ufa summit: BRICS nations to chart out common economic strategy for trade - Dipanjan Roy Chaudhury, Economic Times

The BRICS grouping are expected to launch a Common Economic Strategy Document — for an easily trade framework for boosting intra-BRICS trade—during the seventh edition of their summit in Ufa, Russia, on July 9.

After the New Development Bank (NDB), which will be operationalised at the Ufa summit, BRICS nations are hoping to release the 30-page strategy document, which will provide a "comprehensive framework for cooperation in trade and economic affairs," according to official aware of the issue.

Sources said Russia is keen to have this document in place for the Ufa Summit. The document deals with issues ranging from trade facilitation and cooperation between small and medium-scale industries, to cooperation in agriculture, telecommunications, energy security, tourism and science and tech. They hinted that as Russia was very supportive of India's initiative of launching NDB, it was Delhi's turn to support Moscow's initiative on the Economic Strategy Document.

The BRICS leaders would also try to synergise their views on the situation in Syria and Yemen, threats from the ISIS and continuing instability in Afghanistan. Both India and Russia have been worried with continuing scourge of terrorism in Afghanistan. {Russia must be utilized by India to din some sane advice into the Chinese ears who somehow think that they could be helped to re-establish the Taliban rule which would be most favourable to Chinese influence with the Pakistani help while shutting out India and Russia}

Austin · Post by **Austin** » 07 Jul 2015 11:51

BRICS Dadagiri ?? India and China economy is sustaining it

Here's the $17 Trillion Reason Why the BRICS Summit This Week Is a Big Deal

vijaykarthik · Post by **vijaykarthik** » 07 Jul 2015 19:15

Its very interesting that Greece is sitting as an observer in the BRICS summit. A dream come true oppty for Pootin.

Tuvaluan · Post by **Tuvaluan** » 07 Jul 2015 21:05

Putin has as much of an interest in weakening the EU states which are now waging war with Russia via the NATO grouping -- he met the Greek PM a few months ago. Won't be surprised if he has promised the Greek PM external support if Greece leaves the EU. If Germany and EU states want to divide Russia, then they should have done that only after they calculated the cost of any blowback, but the EU failed to do that.

ramana · Post by **ramana** » 07 Jul 2015 21:33

vijaykarthik, I wish Kochhar was the head rather than Kamath.

A_Gupta · Post by **A_Gupta** » 08 Jul 2015 01:29

"India to propose Brics agriculture centre in Delhi"
http://www.asianage.com/india/india-pro ... -delhi-322

Close on the heels of nominating veteran banker K.V. Kamath as president-designate of the new $100 billion Brics Bank, India in a significant move is set to propose setting up of a Brics Centre of Agriculture in New Delhi.

The proposal for setting up the agriculture centre is to be formally mooted by Prime Minister Narendra Modi on Wednesday — the first day of the two-day Brics summit which is scheduled to take place in Ufa, Russia, between July 8 and 9.

Highly placed sources confirmed to The Asian Age that the proposed Brics Centre of Agriculture is to come up within the sprawling Pusa campus of the Indian Council of Agricultural Research (ICAR) in the national capital. Around 1,200 acres of land is available within Pusa where the Brics Agriculture Centre would come up, they added. To be modelled as a centre of excellence, the proposal of setting up a Brics agriculture centre was the brainchild of the Prime Minister’s Office (PMO), which wa-nts a wide gamut of agriculture-related activities to be covered under it.

Sources informed that pulse production is a key area which has been inc-luded in the proposed centre of excellence’s areas of activities at the behest of PMO. Sources privy to the development further said that just like Brics Bank is to be headquartered in Shanghai while its head is from India, the proposed agriculture university’s director could be from one of the member nations.

Under the ambit of Brics — Brazil, Russial, India, China and South Africa — agriculture as a subject comes under India’s jurisdiction.

Austin · Post by **Austin** » 08 Jul 2015 11:04

Chiefs of BRICS Central Banks sign operating agreement on currency reserve pool

MOSCOW, July 7. /TASS/. The Chiefs of BRICS Central Banks have signed an operating agreement on the currency reserve pool, according to a statement by Russia’s Central Bank.

BRICS countries are Brazil, Russia, India, China and South Africa.

The signing ceremony took place in Moscow after the meeting of the Finance Ministers and Chiefs heads of the Central Banks of BRICS which precedes the summit of the organization in Ufa.

The operating agreement contains a detailed description of the procedures which are carried out by the central banks of BRICS states within the currency reserve pool, defines their rights and duties.

The total amount of the currency reserve pool is $100 bln. The countries’ commitments are as follows: China — $41 bln, Brazil — $18 bln, Russia — $18 bln, India — $18 bln, South Africa — $5 bln.

The representatives of BRICS signed an agreement on establishing a currency reserve pool in Brazil on July 15, 2014. The official name of the agreement and the pool is contingent reserve arrangement (CRA).

The idea of the pool is to give the member-states an opportunity to provide each other financial assistance in case one of the states has problems with dollar liquidity.

The pool is an insurance system aimed at maintaining financial stability in the member-states of BRICS.

Philip · Post by **Philip** » 08 Jul 2015 12:25

Sheer necessity is bringing the BRICS nations closer together.The EU eco crisis,which threatens the very foundations of Europe ,the mess of the MEast,decline in US capability to manage the world's affairs,both eco and secutity,rise of ISIS,etc.,is forcing nations outside these blocs to come together for their very own survival. Vlad Putin saw this a long time ago when he started the EurAsian eco grouping,roping in the Central Asian republics,which India might join.

The SCO was another signal achievement,where today,both India and Pak are reportedly to become full members. If this leads to even a small reduction in anti-Indian terro emanating from pak,there would be some value to the membership. Eliminating strife and conflict between member states and improving their economies through mutual,beneficial ,easy,trade are the objectives. As the strength and numbers of the BRICS/SCO group increase,more members of older more military oriented entities might detach themselves from US/Western domination.

I predict that in the coming years,the nations of ASEAN will gravitate closer to the BRICS/SCO grouping,as they see the three giants,Russia,China and India get closer together,at least economically.

Austin · Post by **Austin** » 08 Jul 2015 12:41

This is a single link for all LIVE Updates/News on BRICS/SCO Summit

http://rt.com/business/272254-russia-brics-sco-summits/

A_Gupta · Post by **A_Gupta** » 08 Jul 2015 16:45

The question that Indian investors should ask now is whether India should be clubbed along with struggling economies like Russia and South Africa in an artificial monker meant purely for marketing purposes. Most foreign investors don't seem to think so and there are two arguments for this. One, India's growth potential, the diversified nature of its economy and its structure, and the democratic nature of its polity means that it has to be judged on different parameters and merits. Second, many of the basic issues and needs that are taken for granted in other emerging countries are still yet to be fulfilled in India given its huge population size and the widespread disparities and income inequality.

"If you compare India's per capita GDP on PPP adjusted basis to other emerging markets, Mexico was at India's level in 1976, Brazil and Turkey were at India's level in 1983. South Africa was at India's level in early 1990s. I mean how can the problems of Mexico be the same problems in India."

PS: China was at India's 2014 level around 2002.

India's growth opportunities and the robustness of its private sector would place it in a league different from that of Russia or South Africa.

Austin · Post by **Austin** » 08 Jul 2015 17:08

Modi Tweets https://twitter.com/narendramodi/status ... 96/photo/1

Narendra Modi ‏@narendramodi 2h2 hours ago

It is very special to be in Russia, a Nation whose remarkable friendship with India has always been known.
605 retweets 870 favorites

Austin · Post by **Austin** » 08 Jul 2015 17:09

India Willing to See Russian Railways, Rostec in Its Market

Austin · Post by **Austin** » 08 Jul 2015 21:29

http://rt.com/business/272254-russia-brics-sco-summits/

15:03 GMT:

BRICS New Development Bank is ready to finance projects in the currencies of the bloc, since the local markets are already able to fund in local currencies, says bank head KV Kamath.
14:52 GMT:

Rosneft and Essar plan to triple the number of gas stations in India over two years, to as many as 5,000 says the Russian company.
14:43 GMT:

Rosneft and India's Essar Oil have signed a long-term contract for the supply of crude oil to India, says CEO Sechin.
Rosneft will take over the refinery owned by the Indian company. There are plans to increase the capacity to 45 million tons, and expand the network of gas stations in India.

Viv S · Post by **Viv S** » 08 Jul 2015 22:30

India a special case amongst BRICS nations

By R Sriram, ET Bureau | 8 Jul, 2015

Two days from now leaders of the five most powerful emerging market economies will gather in Russia to discuss and debate the global economic landscape and increased cooperation between the member countries. The annual BRICS summit will bring together leaders of different hues, ideologies and contrasting domestic, political and economic structures. India, Brazil and South Africa are democracies. China is anything but democratic and its leader is a communist strongman who brooks no dissent. Vladimir Putin's leadership style is Stalinesque though crony capitalist oligarchs play a bigger role in the Russian economy today than they did in the Soviet era.

The sharp contrasts don't just end there. The economies too, differ widely in basic structure and in performance. South Africa lags behind every country badly. Russia's economy has got clobbered by the oil and commodity price downslide and sanctions over Ukraine though its surging stock market would make investors think otherwise. Brazil's GDP will probably be overtaken by India some time this year or next, while China is the 800 pound gorilla that commands respect, fear and awe in equal measure.

Last year, investor perceptions about BRICS underwent a dramatic change. Foreign money poured into India and later China as prospects of economic growth brightened, and a commodity price slump and the Ukraine crisis made investors flee Brazil and Russia. China was the world's best performer in dollar terms with a 33-34 per cent rise, followed by India with a 31 per cent gain.

The picture has changed this year. Indian markets have underperformed, while Brazil and Russia have galloped ahead. China's market has lurched from crisis to crisis and continuous stimulus measures from the central bank don't seem to be having the desired effect.

The question that Indian investors should ask now is whether India should be clubbed along with struggling economies like Russia and South Africa in an artificial monker meant purely for marketing purposes. Most foreign investors don't seem to think so and there are two arguments for this. One, India's growth potential, the diversified nature of its economy and its structure, and the democratic nature of its polity means that it has to be judged on different parameters and merits. Second, many of the basic issues and needs that are taken for granted in other emerging countries are still yet to be fulfilled in India given its huge population size and the widespread disparities and income inequality.

Credit Suisse's Neelkanth Mishra pointed this in an interview with ET last year when he said that the whole framework regarding emerging markets and BRICS needs to be destroyed. "If you compare India's per capita GDP on PPP adjusted basis to other emerging markets, Mexico was at India's level in 1976, Brazil and Turkey were at India's level in 1983. South Africa was at India's level in early 1990s. I mean how can the problems of Mexico be the same problems in India."

What Mishra is saying is that India's economic situation is not comparable to that of other emerging market economies. Other countries, given the size of population and the early start they made in kick-starting growth, have forged ahead. That India's economic situation and prospects need a new framework for better analysis goes without saying.

There is also another reason for thinking beyond BRICS. India's growth opportunities and the robustness of its private sector would place it in a league different from that of Russia or South Africa. It is not an economy dependant on the commodity global super cycle. Its entrepreneurs have forged ahead in different industries building businesses of lasting value. Its strong services sector, consumption growth, demographics and engineering and technological prowess gives it an edge over its BRICS peers. Morgan Stanley recently did a study and found that business models of Indian private sector companies are among the best in the world. Chris Wood of CLSA recently reiterated his overweight stance on India despite widespread investor concerns over economic growth and reforms.

Demographics alone is enough to extend the gulf with other smaller emerging market nations and push India into a completely different direction. Brazil may be a $2.4-trillion economy but its population is only as large as Uttar Pradesh. Tamil Nadu has as big a population as Turkey. Of course, a big population brings with it a lot of headaches. The Modi government's appeal will rest on its ability to meet these challenges and investors will be far more interested in the government's response. BRICS, for investors, is just a sideshow.

Economic Times

A_Gupta · Post by **A_Gupta** » 09 Jul 2015 01:39

http://www.hindustantimes.com/india-new ... 67306.aspx
"Russia visit: PM Modi raises China action on Lakhvi with Xi"

In his fourth meeting in a year with Xi, Modi conveyed India’s disappointment and “anger among the people” at Beijing’s blocking of Delhi’s demand at the UN for action against Pakistan over its release of Mumbai attacks mastermind and Lashkar-e-Taiba commander Zakiur Rehman Lakhvi.

chandrasekhar.m · Post by **chandrasekhar.m** » 09 Jul 2015 08:40

PM Modi meets President Putin in Ufa

Its more of an exchange of pleasantries and good news.
President Putin said they have started the process of induction of India into SCO. PM Modi thanked him for that and celebration of yoga and other things and suggested annual summit be in Astrakhan.
You can see the NSA and Foreign Secretary both sitting beside the PM.
President Putin shook hands with the Indian delegation but President Putin did not allow his delegation to do the same with PM Modi? Wonder why. And why does taking photos (for the duration of the entire meeting

) make so much noise

Anyway has President Putin put on some weight?