Category: International Organizations

The New Development Bank is a Linchpin for the BRICS’ Countries


Greece was the first non-member to be offered BRICS membership, even though ironically the association of the emerging economies is yet to take off. The New Development Bank (NDB) operated by the five member-countries of Brazil, Russia, India, China and South Africa (BRICS) is all set to take off with an intention to develop economic relations amongst developing countries. It is considered to be an important institution since it is the first to be created by emerging countries with the hope to finance many important projects.

Takeaways from the Seventh BRICS Summit


As the focus of the West was fixated in Greece and Iran, the 7th BRICS Summit began a massive shift from a dialogue to an economic partnership – one whose full impact will be witnessed in the coming years.

The seventh BRICS Summit took place in Ufa, the capital of Russia’s Bashkortostan Republic. In the West, most observers were preoccupied with the “make-or-break” days of Greece, which accounts for less than 0.4 percent of the global economy, rather than the BRICS Summit, which represents about 20 percent of the world economy.

The New Development Bank Features South Africa, but What about Nigeria?


The BRICS Development Bank launched. The Asian Infrastructure Investment Bank is taking off.

Where is Nigeria?

As a slate of long-term projections suggest, Nigeria’s huge economic potential requires huge determination. When Muhammadu Buhari took over from Goodluck Jonathan, he ran on a platform of security and zero patience to corruption. Those are the preconditions for the creation of prosperity and growth.

The AIIB Leaves the Launch Pad


The launch of the Asian Infrastructure Investment Bank heralds a new era in which international multilateral institutions are no longer owned, controlled and operated by advanced economies alone.

Indonesia Earning Respect through Leadership within ASEAN


Indonesia’s experience within ASEAN has been that leadership in a world of sovereign states must be earned and nurtured, not imposed at will.

Could Japan Join the AIIB and Play a Larger Role in Asian Governance?


Japanese policymakers received a shock when they heard in late March that 57 countries, including some of the United States’ closest allies, had applied to join the China-led Asian Infrastructure Investment Bank (AIIB). While China has steadily been on the rise, since the 2008 global financial crisis, the United States has found itself less able to engage with Asia as it once did. The resulting power vacuum has left the region more vulnerable to destabilisation.

Can Cambodia Keep Everyone Happy?


The South China Sea has become a flashpoint for conflict between China and some of its ASEAN neighbours, particularly the Philippines and Vietnam. China’s recent land reclamation around the Mischief Reef in the Spratly Islands has also strained relations between China and the United States. While, as a non-claimant, the South China Sea is not of direct concern for Cambodia, it holds great relevance to Cambodia as a member in ASEAN.

Potential Transformational Collaboration Between China and India through the AIIB


In June 2015, negotiators concluded discussions in Singapore on draft Articles of Agreement of the nascent Asian Infrastructure Investment Bank (AIIB). India is a founding member of the AIIB and expects to have the second-largest shareholding after China. Global media attention has focused primarily on the challenge that the AIIB poses to the US-guided World Bank, and Japan-led Asian Development Bank (ADB), as well as the initially somewhat sour reception the AIIB has received from the US authorities.

The UN, World Bank and IMF Turn 70 and a Top Focus for All Three is Asia


Seventy years ago, the global governance institutions of the United Nations, World Bank, and IMF were created. They have certainly contributed to peace and enabling global economic and financial growth. However, the global environment has undergone an immense evolution since then. Structurally, the world has witnessed a tectonic shift in power distribution, from a bipolar to unipolar and possibly multipolar arrangement. While rising powers are reluctant to lead unless this serves their national interests, declining powers are losing the capacity they once had.

The AIIB and World Bank: Rivals or Complements


After a late flurry of additions to the founding membership of the Asian Infrastructure Investment Bank (AIIB), attention now turns to setting the China-led AIIB’s rules and regulations. Important questions remain — most importantly, whether the AIIB is a potential rival or a welcome complement to existing multilateral financial institutions like the World Bank.