B.R.I.C.S. Discussion

Marching toward victory

Russian upper house ratifies BRICS $100bn currency pool

Forget B in BRICS at least for the next 4 years. Here was Mrs. Dilma Rousseff, Brazil's President on May 9th: at a wedding party of her physician. She outrightly snubbed the Victory Parade in Moscow, whereas all other BRICS Heads of State attended. Better BRICS incorporate Argentina as a new Member State.

Russia Invites Greece to Be Sixth Member of BRICS New Development Bank

Greek Prime Minister Alexis Tsipras thanked Russian Deputy Finance Minister Sergei Storchak for the invitation and said Greece is interested in the offer. The bank is expected to be one of the largest financial institutions to fund various infrastructure projects in the BRICS countries and emerging economies.

Greek Prime Minister Alexis Tsipras on Monday held a telephone conversation with Russian Deputy Finance Minister Sergei Storchak.

During the conversation, Storchak invited Greece to become the sixth member of the New Development Bank of BRICS countries, Greece's Syriza party reported on its website.

Storchak is a representative of the BRICS Bank which is now being established.

The newly appointed chief of the bank is Kundapur Vaman Kamath, the former Non-Executive Chairman of ICIC Bank, India’s second largest bank.

"The Prime Minister thanked Storchak and said he was pleasantly surprised by the invitation for Greece to be the sixth member of the BRICS Development Bank. Tsipras said Greece is interested in the offer, and promised to thoroughly examine it. He will have a chance to discuss the invitation with the other BRICS leader during the 2015 International Economic Forum in St. Petersburg," the report read.

On July 15, 2014, in Fortaleza, Brazil, the BRICS member countries signed an agreement to establish the $100 billion New Development Bank, formerly referred to as the BRICS bank, and a reserve currency pool set at $100 billion. Russia will contribute $18 billion to the pool, along with India and Brazil. China is expected to contribute the largest share of $41 billion, with South Africa chipping in the remaining $5 billion.

The bank is expected to be one of the largest financial institutions to fund various infrastructure projects in the BRICS countries and emerging economies.

The BRICS group of prominent emerging economies was established in 2010, when South Africa joined Brazil, Russia, India and China in what was previously known as the BRIC nations. The BRICS countries make up about 40 percent of the world's population and a combined economy of about $16 trillion.

Read more: http://sputniknews.com/business/20150511/1022006611.html#ixzz3ZsIEebJI

Thks George1

Kyo wrote:Thks George1

Brazil is going nowhere from BRICS . Don't worry . Maybe she was busy and didn't get time for Victory Day Parade .

Nice

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

BRICS may become key element of global management system — Lavrov

Russia's Putin and China's Xi at BRICS summit in Ufa




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


Update.. it seems China markets are under a major attack..

and is curious how this coincide with the BRICS meeting..

http://rt.com/business/272551-china-shareholders-sell-ban/

Putin expects BRICS New Development Bank to launch projects in 2016

Companies from BRICS member states "are ready to establish joint ventures, build up mutual investment and commodity flows," the Russian president said

UFA, July 9. /TASS/. Russian President Vladimir Putin said on Thursday he expected that the New Development Bank, which the BRICS grouping of the world’s five major emerging economies (Brazil, Russia, India, China and South Africa) is establishing, will implement its first projects in 2016.

"The new bank with a capital of $100 billion will carry out large-scale development projects in the countries of our association. We expect the first of them to be launched already next year," Putin said at an enlarged meeting of the BRICS leaders.

Companies from BRICS member states "are ready to establish joint ventures, build up mutual investment and commodity flows," the Russian president said.

The Russian president said the BRICS summit should "study in detail the actual issues of the BRICS activity in the economic sphere."

Putin highlighted the indicators evidencing the economic might of the BRICS countries.

Specifically, BRICS accounts for about 30% of global GDP, a third of the world’s industrial output and a half of food production.

"This is a huge consumer market," the Russian president said.

Close economic cooperation gives BRICS countries new opportunities. For example, their internal commodity trade, foreign investment and capital investment are growing. The launch of a pool of foreign exchange reserves is also one of BRICS’ achievements, Putin said.

$100bn BRICS currency pool kicks in

Nice

Agreement on a pool of currencies of BRICS entered into force

One more blunder by Brazilian President, Mrs. Rousseff. Following the snubbing of Victory Day parade in Moscow on May 9th, now it is her next visit to Japan next December to stengthen relations. She already sent her Minister of Foreign Affairs, Mauro Vieira, to Tokyo to prepare her visit, which should touch upon matters related to the enlargement of the UNSC permanent members, with both Japan and Brazil as candidates. It is an open secret that China, also a member of BRICS, is against Japan's admission as a permanent member to the UNSC, especially now with the South China Sea imbroglio.

Read more in Portuguese:
http://br.sputniknews.com/brasil/20150729/1707133.html

BRICS mutual trade up 70% in 6 yrs – South Africa president

Trade between BRICS countries has increased 70 percent since the group was established in 2009, according to South African President Jacob Zuma. The economies of the five BRICS nations account for almost 30 percent of global GDP.
“BRICS presents an aggregate GDP exceeding $32 trillion. This marks a 60-percent growth since the formation of the grouping," Zuma told reporters on Thursday in Cape Town.

BRICS countries (Russia, Brazil, India, China and South Africa) produce a third of the world’s industrial products and half of all agricultural goods.

They attracted 20.5 percent of total global direct investment in 2014, an increase of 3.5 percent over 5 years.

"The share of BRICS capital investment on the global markets has also increased significantly from 9.7 percent to 14 percent since 2009," Zuma said.

The group is ready to expand its economic cooperation with partners in key areas such as food production, power generation, the petro-chemical industry, mining, tourism, renewable and nuclear energy, trade, transportation, communications and training, according to the South African president.

The seventh BRICS summit, held last month in Russian city Ufa, reaffirmed the importance of BRICS in the global arena, Jacob Zuma said. He added that the summit’s key achievement was the "entry into force of the New Development Bank (NDB) and the Contingent Reserve Arrangement.”


The NDB opened for operations in Shanghai on July 21 with a view to deploying $50 billion in initial capital to fund infrastructure and sustainable development projects. The world’s major banks “see the BRICS bank as an important additional factor in global financial transactions,” said Zuma. The establishment of NDB’s African Regional Centre in Johannesburg is among the group’s plans for the near future, he added.

https://www.rt.com/business/311830-brics-trade-increase-bank/

George1 wrote:Sudan Takes First Steps Toward BRICS Membership

I would prefer Cuba, vietnam or Argentinia more.

Werewolf wrote:

George1 wrote:Sudan Takes First Steps Toward BRICS Membership

I would prefer Cuba, vietnam or Argentinia more.

Plus Sudan is supposedly sending weapons to the rebels in Syria...in other words fuck em!

GarryB wrote:Better to find out now than later... especially when considering future relations regarding BRICSA...

Who is the A for? Can wait until they add another I and V.

GarryB wrote:Brazil, Russia, India, China, South Africa.

Would love to see a lot of other countries join... Indonesia, Singapore, Peru, Chile, Thailand, Malaysia, pretty much any country in Asia, africa, and central and south america...  the more the better.

It would just be BRICS then, as South Africa is being accounted as just the S.

The A would be Argentina if India's push for them to join becomes a success. Which I hope is the case (help Argentina get out of their mess as well as get another important country in the mix).