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Old May 28th, 2015 #1
Robbie Key
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Default #1 BRICS thread

[BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.[4] The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members.[5] Since 2010, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and will host the group's seventh summit in July 2015.

As of 2014, the five BRICS countries represent almost 3 billion people, or approximately 40% of the world population; as all five members are in the top 25 of the world by population, and four are in the top 10. The five nations have a combined nominal GDP of US$16.039 trillion, equivalent to approximately 20% of the gross world product, and an estimated US$4 trillion in combined foreign reserves.[1][6] The BRICS have received both praise and criticism from numerous commentators.


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BRICS summit in Russia to launch New Development Bank & currency pool - Putin

Published time: May 28, 2015 16:19 Get short URL

Quote:
Russia expects to launch the $100-billion BRICS New Development Bank along with a currency reserve pool worth another $100 billion at the July summit in Ufa, said Russian President Vladimir Putin.

"We expect to reach agreement in Ufa on the launch of practical operations of the BRICS Bank and a pool of currency reserves," Putin said on Thursday at a ceremony to receive the credentials of ambassadors of foreign states, TASS reports.

Putin recalled that the BRICS was created in 2006 under Russia’s initiative, and that the group "has already become an influential factor in world policy and economy."

"Russia is interested in further intensifying cooperation between the BRICS countries and developing new interaction mechanisms, including in the financial and economic sphere," he said.

An additional impulse would be given in the next days "to the development of inter-parliamentary relations, humanitarian and information cooperation, the intensification of contacts between trade unions and non-governmental organizations," he added.

The agreement on the establishment of the New Development bank was signed by the BRICS countries in July 2014. The bank seen as rival to the existing US-led institutions, the IMF and World Bank, will finance infrastructure projects and ensure the sustainable development of the group and other developing countries.
http://rt.com/business/262813-brics-bank-summit-russia/
 
Old May 28th, 2015 #2
Pierre-Marc
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Couldn't a sovereign state just "ask" its central bank to lend it money, no interest, instead of indebting itself to foreign entities?
 
Old May 28th, 2015 #3
Robbie Key
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Originally Posted by Pierre-Marc View Post
Couldn't a sovereign state just "ask" its central bank to lend it money, no interest, instead of indebting itself to foreign entities?
To defeat the Western world dominated by JewSA, you need to build broad alliances. I'm very curious of the Russian-Iran cooperation that seems to be growing stronger and stronger.
 
Old October 26th, 2015 #4
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Iran to Join BRICS Development Bank: Official

October, 26, 2015 - 17:17

TEHRAN (Tasnim) – An Iranian official announced that the country is to join the New Development Bank (NDB), formerly known as BRICS Development Bank, in a bid to expand its economic ties with BRICS members.

Iran will hopefully join the NDB in order to develop its cooperation with the member states, Iran’s Deputy Economy Minister Mohammad Khazaee said on the sidelines of a Monday gathering of Iranian and Brazilian tradesmen in Tehran.

The bank has been established by Brazil and other BRICS member states (Russia, India, China, and South Africa) with an initial capitalization of $100 billion, Khazaee noted.

The New Development Bank is a multilateral development bank operated by the BRICS states as an alternative to the existing American and European-dominated World Bank and International Monetary Fund.

The Agreement on the establishment of the New Development Bank was signed during the 6th BRICS Summit in Fortaleza, Brazil, on 15 July 2014, and the bank was officially launched at the last BRICS summit in the Russian city of Ufa earlier this year.

Elsewhere in his remarks, the Iranian official referred to Tehran’s accession to the international bank as a means to facilitate Iran-Brazil economic ties, which Khazaee said is currently too small.

Economic and trade ties between Iran and Brazil in different industrial, banking, and financial fields are so trivial that can be described as being at zero level, he noted, urging that the trade value between Tehran and Brasilia should be raised to $5 billion based on the plans.

The gathering where Khazaee made the remarks was also attended by Iranian Trade Minister Mohammad Reza Nematzadeh and Brazil’s Minister of Development, Industry, and Trade Armando Monteiro.

Heading a large trade delegation, the Brazilian minister arrived in Tehran earlier in the day for high-level talks on expansion of Tehran-Brasilia economic ties.

http://www.tasnimnews.com/en/news/20...-bank-official
 
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