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BRICS SUMMIT March 30, 2012

Posted by wmmbb in Uncategorized.
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The meeting between leaders in New Delhi may prove important. Brazil, Russia, India, China and South Africa are discussing a development bank and taking collective foreign policy decisions that challenge American and European hegemony.

Al Jazeera reports:

On Thursday morning, Dilma Rousseff of Brazil, Dmitry Medvedev of Russia, Hu Jintao of China, Jacob Zuma of South Africa and Manmohan Singh of India shook hands at the start of the one-day meeting in New Delhi.

Top of the agenda was the creation of the grouping’s first institution, a so-called “BRICS Bank” that would fund development projects and infrastructure in developing nations.

The initiative would allow the countries to pool resources for infrastructure improvements, and could also be used in the longer term as a vehicle for lending during global financial crises such as the one in Europe, officials said.

Al Jazeera’s Sohail Rahman reporting from New Delhi said: “The opportunity is to build a commercial hub to help the bloc itself. They want to solidify economic growth between them.”

Though it remains in the planning stages, the leaders are expected to signal their commitment to setting up the bank as a potential counterweight to other multilateral lenders such as the World Bank and the Asian Development Bank.

“It would be a very powerful financial tool to improve trade opportunities,” Fernando Pimentel, Brazil’s trade minister, told a session on Wednesday ahead of the summit.

As the report notes this economic group is not without problems, including those between China and India arising from Tibetan protests, but despite the differences trade is increasing. The group of countries might find unity in what they oppose in the established order than from any internal coherence.

For example, they announced their intention to keep trading with Iran:

Truth is elusive, and probably eludes the controlled mass media.Conspiracy theory could be context (via Exposing Truth):

( I would not be proposing or suggesting in any way that any person or set of persons  be the subject of violence. That may not be intended in this analysis, but it could easily be the result. In the first instance, because we are human and the gifts that go with that state, we have each to be morally responsible. Debate is necessary but it does not have to associated with demonization and dehumanization.)

RT speaks with Andrew Gavin Marshall of ThePeoplesBookProject.com

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