... 36%. This year, the average GDP growth rate of BRICS countries is expected to be 4%, higher than the G7's forecast of 1.7% and the world's average of 3.2%.
Providing Financing for Emerging Economies and Developing Countries
Another major attraction of BRICS lies in its ability to provide financial support for emerging economies and developing countries across various sectors, with the New Development Bank (NDB) serving as the primary channel for achieving this goal. Over the past nine years since its establishment, this multilateral development bank has emerged as a significant new force in the international financial system, granting a total loan of approximately ...
... intra-BRICS trade grew on the average by 10,7% annually, while the overall global trade grew by only 3% per year. The group can boast of the two innovative bodies that rival traditional West-made financial institutions—the New Development Bank, or NDB (which is regarded as a plausible alternative to IBRD) and the BRICS Contingent Reserve Arrangement, or CRA (a potential alternative to IMF). Though both NDB and CRA remain relatively young and modest initiatives, over time they might well turn into cornerstones of the new global financial architecture. Besides, ...
... leading Western partners.
However, over years, the group has demonstrated remarkable resilience. Not only has it survived, but it has also succeeded in member expansion and launching a whole set of affiliated bodies including the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA) as well as mechanisms for multilateral parliamentary exchanges and civil society interactions.
This gradual evolution of BRICS raised not only interest but also concerns in the West about how the group might ...
... and quality of economic development in the Global South
More active progression towards issuing financial instruments and undertaking lending in national currencies
Coordination with BRICS CRA of analytical work on the possibility of the creation of a BRICS common currency
Greater activism coming from the regional centers of NDB to weave the regional development agendas into NDB’s project priorities
Another key focus area in the economic sphere is trade liberalization—it has not featured in the recent summit decisions of BRICS economies, even though if pursued it may ...
... major problems with the CMI/CMIM arrangement…the IMF linking seems hard to reconcile with the intention to provide a counterweight to the IMF ” (Biziwick et al., 2015 (p. 318)). Thus, as was the case with the Chiang Mai currency swap initiative, the BRICS NDB’s CRA’s promissory model, limited size (mirroring the limited paid-in capital allocated to BRICS’ New Development Bank), and IMF linking all stem from a fundamental lack of trust between BRICS member countries on their self-reliance for monitoring ...
... while the pattern of the expansion in NDB’s membership may be considered as one of the trajectories of the BRICS+ cooperation between core BRICS members and their regional partners from the developing world.
In fact, it is through the expansion in NDB’s membership that the BRICS+ concept can be institutionalized during the very initial stages of its implementation. According to Sergey Storchak, one of the potential paths for the expansion in NDB’s membership could involve the accession to the Bank of the regional partners ...
... subject to sanctions at one point partially or fully.
Tristan Kenderdine:
US–Iran Conflict Would Strengthen China’s Position in the Middle East
China, Russia, India, Brazil, and South Africa are the founding members of the
New Development Bank
. NDB’s 2017–2021 general strategy clearly highlights the bank’s commitment and intention to be new in three areas: 1) new relationships; 2) new projects and instruments; 3) new approaches.
All of these goals herald an unconventional, bold new, inclusive ...
... all countries of EEU. The BRICS nations (Brazil, Russia, India, China, and South Africa), the SCO (Shanghai Cooperation Organization), the EEU (Eurasian Economic Union), the AIIB (the new Chinese-founded Asian Infrastructure Investment Bank), and the NDB (the BRICS’ New Development Bank are all set to decide a new world order and a new economic boom in world market. Geopolitical analysts are believing that these associations and their agenda is futuristic and may create a new world order in place much ...
