David Kotz speaks to The BRICS Post about the BRICS and their role in a new economic world order.
March 21, 2013View CommentsRead More
© 2017 BRICS Media Limited. All rights reserved. Registered in England and Wales. No.8133697. Registered office: Devonshire House 60 Goswell Road London, EC1M 7AD
57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.
Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.
The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.
The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.
The US and Japan have not applied for the membership in the AIIB.