China and BRICS Part 2

BRICS Countries Push to Expand Trade Within Group

October 14, 2016

  • Efforts to intertwine their economies more closely come at a time when the BRICS nations, once hailed as the engines of global growth, have been hit by a slowdown. Brazil and Russia are in recession, China’s growth is down to its weakest in a quarter century, South Africa’s economy has also contracted, and although India’s economy has revived, the country is still struggling to increase investment and create jobs. Ahead of the BRICS summit, China proposed a free trade area among the group to advance trade, but the idea has not found favor from the others who fear being swamped by Chinese goods.

BRICS members to unite against terror groups

September 16, 2016

  • Underscoring the demand for an international legal order to deal with the threat of terrorism, BRICS High Representatives in charge of security, on Thursday agreed to intensify cooperation against terror groups like the IS in West Asia and North Africa region (WANA). Highlighting the growing demand for “peace building” in the violence-torn region, the meeting focused on finding a political solution to the “outstanding issues” in the WANA region that has received increased attention of the BRICS member-states in recent months.

BRICS Bank inks strategic cooperation deal with China Construction Bank

June 8, 2016

  • The New Development Bank (NDB) launched by the BRICS countries on Wednesday signed a strategic cooperation agreement with China Construction Bank, the country’s second-largest lender. The NDB, as per its mandate, is building partnerships with major banks in its member countries. Cooperation with CCB is important for us, given the key role it plays in infrastructure financing,” said NDB President Kundapur Vaman Kamath in an emailed statement to The BRICS Post. The China Construction Bank is planning to support the BRICS Bank with adequate credit lines and a commitment to invest in the new lender’s first financial green bonds.

BRICS bank, AIIB ready to follow China by financing Moscow-Kazan high-speed railroad

June 03 2016

  • The New Development Bank BRICS (NDB BRICS) and Asian Infrastructure Investment Bank (AIIB) are ready to follow China by financing Moscow-Kazan high-speed railroad, First Vice-President of Russian Railways state-owned monopoly Alexander Misharin said Friday.