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The BRICS Countries Are Stronger Than the West – German Newspaper

The BRICS Countries Are Stronger Than the West – German Newspaper

The BRICS Countries Are Stronger Than the West – German Newspaper
July 07
15:10 2015

There has been a significant change in Russia’s political course after relations between Russia and the West deteriorated. Vladimir Putin is now actively intensifying partnerships with Beijing and other BRICS partners, especially in the context of the New Development Bank (NDB), Die Tageszeitung wrote.

Since the beginning of the Ukrainian crisis, Russia has been changing its political course towards major emerging economies and investing money into promising projects considered as alternatives to Washington-dominated institutions.

This particularly concerns the NDB, a project developed by the BRICS countries to create competition for the World Bank dominated by the US and the IMF.

Russia approved an investment of $200 billion in the new project. Russian leadership also ratified a number of documents on the establishment of the bank and now expects that its other four partners will follow its example.The new bank may participate in financing the construction of the “Silk Road”, a project initiated by China to revive the ancient trade route which would connect Asia with Europe.

According to the China’s Xinhua state news agency, Russia is planning to shift the center of economic development to the Far East and the Asian region. The source referred to an interview with Russian Deputy Prime Minister Yuri Trutnev, in which he called China “Russia’s leading partner”.

The practical work between Russia and its ‘new’ partners is expected to start on Wednesday at a summit of BRICS countries set to take place in Ufa. The meeting will be followed by the summit of the Shanghai Cooperation Organization (SCO). The “double summit” will enable Russian President Vladimir Putin to show the world that Russia is independent and can do without the West, Die Tageszeitung wrote.BRICS countries, which account for 40% of the world’s population and about 20 percent of global GDP, have significantly expanded the scope of their activities over last years. The bank is their first major initiative designed to enhance their economies and development.

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Anastasia Promskaya

Anastasia Promskaya

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