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Samson: The 12th Annual Summit of the “BRICS” Banks

13th November, 2020

The development banks of the “BRICS” group (Russia, India, China, Brazil, and South Africa) will meet next Monday to adopt common principles of financing and discuss measures to combat the Corona epidemic. The joint financial forum between the banks of the “BRICS” group and the New Development Bank will be held in Moscow at 2:00 pm GMT on Monday via video technology. Participants are likely to discuss green finance, public-private partnership projects, in addition to innovation policies.

It is expected that member banks will agree on the principles set for responsible financing on the basis of best international practices, and among these factors, the integration of economic, environmental and social progress in the evaluation of investment projects, in addition to more attention to initiatives that help the development of local communities, and the promotion of comprehensive economic models and other matters. Other.

It is worth noting that the Shanghai-based National Development Bank, which was established in 2014, provides financing for infrastructure and sustainable development projects in emerging economies, with a capital of $ 100 billion, and aims to continue issuing financial products denominated in local currencies.

In member countries (China, Russia, Brazil, India, and South Africa). In April 2020, the bank established emergency assistance facilities to meet the needs of member countries, and emergency loans can be used to finance direct expenditures related to combating the Corona pandemic, or to provide support for government measures that contribute to economic recovery.  LINK

Samson:  Sunday .. China And 14 Asian Countries Sign The Largest Free Trade Agreement In The World

12th November, 2020

15 countries from Asia and the Pacific, including China, are planning to conclude the largest free trade agreement next Sunday, according to Bloomberg.

The signing of this agreement is the culmination of Beijing’s ten-year effort towards greater economic integration with a region that includes a third of global GDP. The Regional Integrated Economic Partnership, which includes countries extending from Japan to Australia and New Zealand, aims to reduce tariffs, strengthen the supply chain within the general rules of the country of origin, and formulate new e-commerce rules.

After India withdrew from the regional integrated economic partnership negotiations last year, the remaining fifteen countries are seeking to announce the agreement with the conclusion of the ASEAN summit this weekend, which is supposedly hosted by Vietnam. Malaysian Trade Minister Azmin Ali said in a press statement that the agreement could be signed on Sunday, describing it as the culmination of: “Eight years of negotiations with blood, sweat and tears.”

Willian Wiranto, an economist at Overseas Chinese Banking Corp., said the regional integrated economic partnership will be centered on China. The question remains whether the integrated regional economic partnership will change the regional dynamics in favor of China based on the response of the United States, said William Wrench, a commercial official in the Clinton administration and a senior advisor at the Center for Strategic and International Studies in Washington. “If the United States continues to ignore or bully countries there, then the pendulum of influence will tilt in China’s favor,” Wrench added. If Biden had a reasonable plan to restore the US presence and influence in the region, the pendulum would tilt in our favor again.  LINK

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Samson:  Pompeo: Taiwan Is Not Part Of China And Beijing Is Threatening To Act

13th November, 2020

The Chinese Foreign Ministry said on Friday that Beijing would respond to any steps that undermine its basic interests, after US Secretary of State Mike Pompeo said that Taiwan “is not part of China.”

China considers Taiwan the most important and sensitive issue in its relations with the United States, and it has been irritated by the intense support provided by President Donald Trump’s administration to it, including arms sales. “This was acknowledged thanks to the Reagan administration’s work to establish the policies that the United States has been committed to for three and a half decades,” he added.

Chinese Foreign Ministry spokesman Wang Wenbin said Taiwan is an entrenched part of China, adding that Pompeo is doing more damage to China-US relations.

China imposed sanctions on US companies selling weapons to Taiwan, and launched combat aircraft near the island during a visit by senior US officials to Taipei this year.

A spokeswoman for the Taiwanese Foreign Ministry thanked Guan or the US Secretary of State for his support, according to “Reuters”. And the US State Department announced, earlier, that it had agreed to sell Taiwan one hundred “Harpoon” missile defense systems in a deal worth 2.4 billion dollars.

The US State Department statement indicated that the deal “will enhance Taiwan’s defense capabilities, after China announced, on Monday, the imposition of sanctions on US companies related to previous deals to sell weapons to Taiwan, which it considers an integral part of its territory.”  LINK