The most recent BRICS summit was noteworthy for generating the first concrete collective initiatives in the group’s history. Whereas the BRICS past meetings and had yielded mostly joint declarations, the July 15 summit in Brazil saw them launch two high-profile financial initiatives. Perhaps even more important, they seem prepared to undertake other collective projects in the energy and nonproliferation realms.
Making progress on a China-U.S. bilateral investment treaty is difficult. There are a variety of economic and political factors that could create setbacks, but both sides need to make a concerted effort to overcome these challenges because concluding an agreement would be in the interests of both parties and the world at large.
President Xi Jinping’s recent trip to Latin America underscored four aspects of China’s outreach efforts to Latin America. To expand South-South cooperation, to promote multi-polarity, to hedge against risks and challenges to future development by enhancing BRICS and Latin American cooperation, and to improve the provision of international public goods.
No sooner had the dust settled from the World Cup than Brazil played host to the five leaders of the BRICS countries—Brazil, Russia, India, China, and South Africa. An immediate outcome of the Fortaleza summit was the formation of the New Development Bank, a development finance institution to rival the World Bank. The group also announced a currency reserve pool as an alternative to the IMF. Done right, both initiatives could change the institutional landscape for multilateral development financing.
As China seeks to deepen ties with Israel it also needs to balance inherent contradictions of the relationship. While the defence industry was once the cornerstone of Sino-Israeli relations, Washington’s objections have limited relations. Still, commercial and trade links are set to expand between Israel and China, raising interesting policy implications for China, Israel, and the US.
By initiating the AIIB, China demonstrates its willingness and capability to provide more public goods to the international community, writes Wu Zhenglong.
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