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BRICS summit 2014

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posted on Jul, 16 2014 @ 07:58 AM

(BRICS Post) The Sixth BRICS (Brazil, Russia, India, China and South Africa) summit, where the five countries will sign off on a rival to the World Bank, officially starts on Monday in Fortaleza,

Leaders of the five BRICS nations fueling global economic growth will discuss strengthening ties within the bloc and rallying emerging economies to play a greater role in world affairs, economic and political.

BRICS will get a new $100 billion development bank and a $100 billion Contingency Reserve Arrangement at the Summit.

As per negotiations and recent reports the BRICS bank will by headed by India and HQ in China . This is not likely to be permanent but will allow India to pave the way forward for the BRICS Bank .

Narendra Modi, Xi Jinping pledge to resolve India-China border dispute

Modi urged more Chinese investment in infrastructure and called to rectify a trade imbalance with its second-biggest commercial partner. India’s $34 billion trade deficit with China is its largest with any country, according to data compiled by Bloomberg.

China Offers to Invest $300bn in India's Infrastructure Projects

As per the plan, the world's second largest economy will offer about $300bn (£180bn, €218bn) to India for its $1tn investment in infrastructure projects, which are planned over a five year period ending in 2017.

This time both India and China has stable governments which is not under the whims and fancies of local political alliances(mainly India) . So with a powerful govt. in both the countries . The talks for resolving border disputes is far more likely to be successful .

Nations harassed by US for foreign policy decisions need help: Putin

I believe it is time to raise the BRICS' role to a new level and to make our association an unalienable part of the global management system for sustainable development.

In the economic sphere, we are going to discuss IMF reform. The BRICS countries are concerned about the unreasonable delay in holding a debate of this subject. This jeopardises all the efforts of G20 in this direction. It is the case of fulfilling the rightful demands of "new economies" to balance the IMF according to the 21st century reality.

Another important initiative that is underway is creating a BRICS pool of foreign currency reserves. It will become a safety net to help us form a joint response to economic challenges.

edit on 16-7-2014 by maddy21 because: (no reason given)

posted on Jul, 16 2014 @ 10:25 AM
a reply to: maddy21.

Now is the right time for BRICS to make a forward thrust and permanently insert themselves into the global financial structure. Since the IMF/BIS is riddled with corruption, failing miserably and has no credibility left, when the slide downhill accelerates there will be a power vacuum. It would be smart for nations like Canada, Australia, etc. to get on board early as a hedge against the future collapse.

Cheers - Dave

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