Skip to content

More Asian nations want to join Putin and Xi in expanded Brics

More Asian nations want to join Putin and Xi in expanded Brics
AS RUSSIAN President Vladimir Putin and Chinese Premier Li Qiang wrapped up separate meetings in South-east Asia this week, the two partners in the Brics economic bloc encountered a region keen to join a group seen as a hedge against Western-led institutions. Read more at The Business Times.

Table of Contents

Malaysia and Thailand have announced their intention to join the Brics economic bloc. The bloc's members have agreed to pool US$100 billion of foreign-currency reserves, which they can lend to each other during emergencies. The interest in Brics shows the success of Putin and Xi at pushing back at attempts by the US and its allies to isolate them. After the bloc's expansion, Brics plans to invite non-member countries to take part in its next summit in the Russian city of Kazan in October. The potential benefits for joining Brics go beyond geopolitics. The bloc's members have agreed to pool US$100 billion of foreign-currency reserves, which they can lend to each other during emergencies. The group also founded the New Development Bank – a World Bank-modelled institution that has approved almost US$33 billion of loans mainly for water, transport and other infrastructure projects since it began operations in 2015.

Source

Latest