BRICS leadership passes to Russia

[Vikrant]

The New Development Bank of BRICS will be Russia's top priority.

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As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF).

Sergey Katyrin, President of the Russian Chamber of Commerce, took over the chairmanship of a business council of BRICS, an economic association made up of Brazil, Russia, India, China and South Africa, on Wednesday.

The seventh summit of BRICS will be held in the southern Russian city of Ufa in July.

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BRICS leadership passes to Russia 100bn development bank main priority RT Business

 

[Vikrant]

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But Russian President Vladimir Putin liked the idea from the start, and suggested in 2006 that the four countries should meet regularly. The grouping was soon formalized, with annual summits planned. South Africa joined in 2011, solidifying the BRICS' presence across the global South, with only Russia in the North.

In fact, this is why Russia's centrality to the enterprise is so intriguing. Given that Russia was, until recently, a member of the G-8 -- the northern hemisphere's most important economic grouping -- it would seem to have little affinity with the other four BRICS members, which have traditionally been viewed as the leading developing country voices in global forums. But, by seizing on the idea of the BRICS, Putin revealed his desire to build an alternative global platform -- and advance an alternative worldview.

India China and the Rest of the BRICS Will No Longer Wait for a Seat at the Table Shashi Tharoor

 

[longknife]

A New Economic/Political Power?

As they include 40% of the world's population, just how much clout is BRICS going to have? Seems many are turning their backs on IMF. Even South America has formed its own little cabal.


Read more of this @ BRICS group of emerging economies launch development bank euronews world news

 

[Vikrant]

A New Economic/Political Power?

As they include 40% of the world's population, just how much clout is BRICS going to have? Seems many are turning their backs on IMF. Even South America has formed its own little cabal.


Read more of this @ BRICS group of emerging economies launch development bank euronews world news

I think they are standing in wrong order. It should have been left to right:

Rousseff, Putin, Modi, Jinping and Zuma

a la BRICS

 

[Vikrant]

The 7th BRICS summit, held in the Russian city of Ufa on July 8-10, has brought exceptional results, Brazilian President Dilma Rousseff told RT in a Thursday interview.
UFA (Sputnik) — The agreement to establish the NDB, with an initial capitalization of $100 billion, was signed by the BRICS member states during the group's 6th summit in Fortaleza, Brazil in July 2014. The bank is viewed as an alternative to existing global financial institutions, such as the International Monetary Fund and the World Bank.



Read more: BRICS Ufa Summit Yields Exceptional Results Brazilian President Sputnik International

 

[Stratford57]

Here are some quotes of V. Putin’s speech at reception on behalf of the Russian President in honor of the BRICS and SCO leaders.

“Our states are located on several different continents, have different cultural and historical roots and implement different development models. Our strength lies in those differences; they are the source of enormous potential for developing truly mutually acceptable, consensus-based solutions to key modern problems. At the same time, the foundations of our societies are based on largely similar traditional values and the common laws of good ethics, truth and justice. We all believe that we can only achieve our goals by working together on the basis of genuine partnership, trust, equality, respect and taking into account one another’s interests.

We are calling for the development of a coordinated response to global threats, asserting the just foundations of interstate communication under the key role of the United Nations, relying on international law, the principles of indivisibility, security , and peoples’ free determination of their destiny.

Many of the states represented here are located in the vast Eurasian space. For us, this is not a chess board or a field for geopolitical games; this is our home and we all want peace and prosperity to reign in our home, so that it has no room for extremism and attempts by some to secure their interests at the expense of others.”

Reception on behalf of the Russian President in honour of the BRICS and SCO leaders President of Russia

 

[Vikrant]

India was left high and dry at the just-concluded seventh Brics summit in Ufa, Russia which failed to mention the crucial UN Security Council resolution 1267 in the Brics Declaration. Significantly, India has cited this resolution at various international platforms and pitched for taking action against Pakistan for releasing the 26/11 mastermind Zaki-ur Rehman Lakhvi.

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Left high and dry India leaves Brics summit with nothing it really wanted - Firstpost

 

[Vikrant]

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But it's not all about grand politics. On the sidelines of the meeting, Russian President Vladimir Putin told Indian Prime Minister Narendra Modi that he would consider embracing his counterpart's passion for yoga.

"I've tried so many things, but I haven't tried yoga, though it is certainly appealing," Putin told Modi, according to Agence France-Presse.

"I'll see what I am able to do based on my physical aptitude," the Russian leader added. "When we see [a] real yogi, it seems impossible to reach such perfection, and that's what stops people."

Given Putin's well-documented athletic prowess, his expressed timidity in yoga comes as a bit of a surprise.

The former KGB officer recently earned his eight degree as a black belt in judo. He scores loads of goals in ice hockey, likes to ride horses, flies alongside migratory birds, dives for ancient artifacts and chases after exotic sea creatures.

Now perhaps Putin can learn downward dog.

Modi, for his part, has been a huge proponent of yoga. The Indian prime minister is said to rise every day at 5 a.m. to practice yogic stretches and breathing exercises. Under Modi's watch, the Indian government pushed for the world's first International Yoga Day, which was held June 21.

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Russia s Putin a man of action may finally try yoga - The Washington Post

 

[eagle1462010]

They plan to implement their own currency in the middle of next year..................and ditch the petro dollar.............

They have made that clear.

 

[Vikrant]

World needs more development banks like BRICS’, not ‘mindless austerity’

BRICS is gaining momentum as an increasingly effective organization and its New Development Bank is likely to become new source of funding for the current infrastructure gap, South Africa’s Trade and Industry Minister Rob Davies told RT.

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World needs more development banks like BRICS not mindless austerity - minister RT Business

 

[Indofred]

They plan to implement their own currency in the middle of next year..................and ditch the petro dollar.............

They have made that clear.

Why the long-term prospects for the BRICS network are positive - Market Realist

The link is very interesting.
BRICS is a major challenge to the US Dollar, thus America.
The Dollar has greater than actual value because it's used for world trade, and transactions are under US law because they use a US bank, so that means loss of political power as well as likely devaluation of the dollar.
Serious stuff for America.

 

[Stratford57]

I'd like to share a few more interesting (from my point of view) comments about BRICS and SOC summits.

1. The GDP of the BRICS countries may surpass that of the G7 within two or three years, as it has already hit $32.5 trillion and rising, claims State Duma Foreign Relations chief Aleksey Pushkov.

"In 2014, the total gross domestic product of BRICS countries reached 30 percent [of the world’s GDP – Ed.]. This is less than that of the G7, but the difference is seven or eight percent. The combined GDP of the BRICS countries, according to the International Monetary Fund is $32.5 trillion [by purchasing power parity - Ed.]; the G7’s is $34.7 trillion. Given that the BRICS members mostly show much higher growth rates than the G7, we can assume that in the next two or three years the aggregate GDP of the BRICS countries will exceed the G7’s,” said the head of the State Duma Foreign Relations Committee, Aleksey Pushkov, speaking to reporters at the first BRICS Parliamentary Forum in Moscow.
Oust Russia from Europe could be a serious strategic error

2.Dario Citati, program director of "Eurasia", Graduate Institute of Geopolitical Studies and Allied Sciences (Italy)) (no link, an interview to a Russian channel):

"We obviously see Russia as a leading country at both summits, which could be a fairly considered as an alternative to G7. Europe should receive an obvious message: Russia is not isolated, but is a locomotive of new geopolitical and economical process at the global level."


3. The Chinese have made a cartoon about BRICS. For those, who don’t understand either Russian or Chinese, I am writing translation of the main ideas:

“We are building a nonaligned partnership based on dialogue instead of confrontation unlike of those, who consider the Earth to be their own backyard and like to show their power to others.
Closer partnership between Russia and China causes both compliments and attacks. Being close neighbors, their leaders often meet and share their ideas. The world shouldn’t consider it to be a threat.


4. News conference by Vladimir Putin following the BRICS and SCO summits
President of Russia

 

[Vikrant]

Russia is third largest investor in BRICS followed by India and China.

Top three investors in BRICS are:

1. China
2. India
3. Russia

If it were not for India and China, there would have been no BRICS.

 

[Vikrant]

Not too long ago, people used to laugh at the idea of BRICS but now those laughs have given ways to concerns.

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UFA (Sputnik) — The BRICS countries have great political weight, but they or any other group of countries cannot be considered as an alternative to the UN Security Council, UN Under-Secretary-General for Political Affairs Jeffrey Feltman told Sputnik on Thursday.
Earlier in the day, BRICS said in its declaration that it had a flexible format, allowing it to address a much wider range of international issues than the UN Security Council.
"BRICS represent a very important set of countries, and there are many examples where BRICS format can be useful for international developments, peace and security etc. I think we all recognize the strength of the BRICS format, strength of BRICS grouping. But I think it is hard for any other organization or group of states to replicate the Security Council," Feltman told Sputnik.


Read more: BRICS Strong But Unable to Replicate UN Security Council - UN Official Sputnik International

 

[hipeter924]

BRICS will never be united under one political banner due to geo-politics.

- For India it is purely an economic platform. Due to their animosity towards China since the border conflicts, they won't move away entirely from US influence.
- Brazil is in it for economic reasons, and doesn't want to pick between the US, China or Russia; and would rather just play them all.
- South Africa is the odd one out, with a weakening economy, and divisive domestic politics like land confiscation from whites and violently attacking workers that want higher wages. Corruption there is so rife that infrastructure projects fall apart. But it isn't going to walk away from the table of either the US, Russia, or China.

Of the BRICS, only Russia and China are in a geo-political position or are willing to either oppose or compete with US influence abroad.

 

[Vikrant]

BRICS is not a military alliance. It is an economic forum where member nations co-operate on issues that further their national interests in terms of making money. Among BRICS, Russia is the only one which opposes US boldly. Export oriented Chinese economy is very dependent on US so China will be very cautious about upsetting US. It is the US dollars which has made China into a powerhouse it is today. Same goes for India; it has too much interest in the US to side with Russia against US. Another thing that will weaken BRICS is that China seems more enthusiastic about AIIB than NDB. But I think BRICS's NDB has serious chance of success against both IMF and WB.

 

[Vikrant]

India, Brazil And Russia Less Vulnerable To U.S. Fed Hikes

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India has gone from HSBCs “gasping elephant” back in 2012 to a two year bull market run and now a stable, investor favorite.

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India Brazil And Russia Less Vulnerable To U.S. Fed Hikes - Forbes

 

[Vikrant]

BRICS football tournament kicks off in Mumbai

After Indian Prime Minister Narendra Modi's call to BRICS leaders to create a group sports council with soccer meets, Russia's Vnesheconombank and the Russian Consulate in Mumbai launched the first BRICS football tournament with India's South Kickers Soccer Academy. The tournament was held last weekend in Mumbai.

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BRICS football tournament kicks off in Mumbai Russia India Report

 

[Vikrant]

The Russian presidency of the Brazil, Russia, India, China, South Africa (BRICS) has had a special significance in the evolution of the group.

Russia hosted the first formal BRIC summit, in Yekaterinburg, in June 2009. South Africa was then not part of the group. Prior to its first tenure in the rotating presidency of BRICS, Russia hosted the first meeting of BRIC High Representatives on National Security (National Security Advisors-NSAs) in March 2009, steering the loose grouping of four potential economic powerhouses towards a composite bloc. The idea was to create another pole in the multi-polar world envisaged by the four countries.

Russia has since pushed to pursue the security component to the BRICS dialogue table, actively supported by India. As the crisis in West Asia with the rapid spread of the Islamic State deepens, threatening to move dangerously close, in Afghanistan, both Russia and India, which have faced the ravages of terrorist attacks, have worked to give BRICS an important voice on critical global flashpoints. At one stage, when confrontation between the West and Iran threatened to spiral into a full-fledged conflict, feelers were sent to BRICS leaders to step in and ease tensions.

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Russia and India building BRICS within Russia India Report

 

[longknife]

There has to come a time with American leaders wake up to the fact that Russia is forming alliances with China and India, making up a huge majority of Mankind.

Obama twiddles his thumbs and worries about how to identify those who commit acts of terror.