Why Are Matters:
BRICS seeks to establish a united front of emerging economy perspectives in multilateral institutions. The group aims both to push for reform of existing institutions, such as expanding the UN Security Council and to form negotiating blocs within those institutions.
The Big Picture:
First Deputy Foreign Minister of Belarus Sergey Lukashevich met with President of the New Development Bank (NDB) Dilma Rousseff.
According to TV BRICS, the meeting was held at the NDB headquarters in Shanghai. The Belarusian delegation included representatives of the Ministry of Finance.
Key Points:
- The parties discussed the development of financial mechanisms in BRICS, as well as the prospects of Belarus' accession to the NDB.
Between the Lines:
Lukashevich visited the East China Normal University. The Deputy Minister met with the leadership of the educational institution and got acquainted with the activities of the Centre for Belarusian Studies at the institution.
What They Are Saying:
Earlier, Rousseff said that the NDB plans to use national currencies to invest in the private sector of the BRICS economies. According to her, among the priorities for the bank are sustainable development and technology transfer, as well as the expansion of activities in the Global South.
Go Deeper:
The new development bank was established by the member countries of the association during a summit in Brazil in 2014 to finance infrastructural projects.
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