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Brics dispute resolution mechanism: Challenges ahead, but promises much

Thursday, 28th October 2016

"In an attempt to increase economic cooperation, the discussions at the Brics summit in Ufa, Russia last year culminated in the constitution of the National Development Bank (NDB), a transnational bank, rivalling the IMF and other institutions historically dominated by western countries. The objective behind the NDB was first, to create a self-sufficient and independent financial institution for funding infrastructural development needs in developing economies. Second, to strengthen the economic ties within Brics. Third, to enhance this cooperation amongst Brics’ nations which would ensure greater say and influence on the international economic order, more commensurate with their dominant standing."

Read this article in full. 

Language: English
Contact: Medha Srivastava & Ameen Jauhar

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