Russia should sanction PAP.
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SG ineligible to join BRICS
- Thread starter KingFook Sr
- Start date
russian embassy has spoken up a couple of times. Waiting for the final straw to break Putin's back
Not joining brics is a good thing. Sinkapore needs to be geopolitically ambiguous to continue to earn smelly money. Be the leaky hole on the fence
Analysis: Why more Southeast Asian countries have signalled interest to join BRICS
With more ASEAN states expressing interest in and considering joining the group of emerging economies BRICS, analysts have also raised concerns that this may lead to an overdependence on China.
Analysis: Why more Southeast Asian countries have signalled interest to join BRICS
President of Brazil Luiz Inacio Lula da Silva, Chinese President Xi Jinping, South African President Cyril Ramaphosa, Prime Minister of India Narendra Modi and Russia's Foreign Minister Sergei Lavrov pose for a BRICS family photo during…see more
Listen to this article
6 min
SINGAPORE: A desire to diversify their options in the global economic arena is among the reasons why a growing list of Southeast Asian states are keen to join the BRICS group of emerging economies, say analysts, with Malaysia the latest to express interest.
Experts CNA spoke to also believe that leaders of those countries may want to use their standing in the international community in a bid to appeal to their electorate.
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Dr Joseph Liow – Dean of the College of Humanities, Arts and Social Sciences at Nanyang Technological University in Singapore – told CNA that countries that have expressed interest in joining BRICS are attracted to its “collective potential”.
“It is part of their own calculations of their national interests, and desire to diversify their options in the global economic arena,” he said.
However, with more Association of Southeast Asian Nations (ASEAN) states expressing interest in and considering joining BRICS, analysts have also raised concerns that this may lead to an overdependence on China.
Thailand’s foreign ministry spokesperson Nikorndej Balankura on Thursday (Jun 20) said that his country had submitted a formal request to join BRICS “a week ago”, Reuters reported.
Meanwhile, in an interview with Chinese news portal Guancha posted on Jun 16, Malaysia Prime Minister Anwar Ibrahim said that his country has “made a decision” to join BRICS and “will be placing the formal procedures soon”.
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Mr Anwar’s comments came before Chinese Premier Li Qiang made a three-day official visit to Malaysia from Jun 18 to Jun 20. Mr Li – who is China’s second most powerful leader after President Xi Jinping – is the first Chinese premier to visit Malaysia since 2015.
China's Premier Li Qiang shakes hands with Malaysia's Prime Minister Anwar Ibrahim during their meeting in Putrajaya, Malaysia on Jun 19, 2024. (Photo: Department of Information Malaysia/Syazrul Azis via Reuters)
And in January, Indonesia’s Foreign Minister Retno Marsudi said that her country “is still studying the benefits that can be gained from joining BRICS”.
Others such as Myanmar and Laos have previously expressed interest in joining the bloc while Vietnam had said they were “closely monitoring the process of BRICS membership”. Meanwhile, Singapore and the Philippines for example, have yet to make their positions known.
BRICS’ APPEAL
Mr Bhima Yudhistira, executive director of the think-tank Centre of Economic and Law Studies (CELIOS) in Indonesia said that countries are “influenced by the potential for cooperation in terms of investment, trade and infrastructure financing, especially by China and India”.
“Most countries in ASEAN consider China and India as potential traditional markets,” he said.
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BRICS was established in 2006 and initially comprised Brazil, Russia, India and China, with South Africa joining the grouping in 2010. Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) were invited to become members from Jan 1, 2024.
Together, the combined members’ economies are worth more than US$28.5 trillion, or about 28 per cent of the global economy.
Procedure for BRICS membership
A country is considered interested in joining BRICS when its leader or foreign minister formally communicates its interest in becoming a BRICS member state to the BRICS Chair.
The BRICS Chair will then circulate the communication of the interested country to existing BRICS member states.
An interested country becomes a prospective BRICS member state when BRICS Sherpas – a select group of leaders representing their countries within the BRICS bloc – recommend it positively for consideration by BRICS foreign ministers.
BRICS foreign ministers will consider a prospective BRICS member state and make a recommendation for consideration by BRICS leaders.
BRICS leaders will decide on BRICS membership expansion on the basis of full consultation and consensus.
A prospective BRICS member state becomes an invited BRICS member state when the BRICS Chair announces the consensus of BRICS leaders on countries to be invited to become full members of BRICS.
The BRICS Chair will inform an invited BRICS member state of the decision of BRICS leaders and request the appointment of a Sherpa, the main channel for communication amongst the nations.
An invited BRICS member state becomes a BRICS member state when its leader or foreign minister formally conveys to the BRICS Chair its decision to accept the invitation for BRICS membership.
Collapse
Expand
Meanwhile, Dr Alan Chong, Senior Fellow at Singapore's S Rajaratnam School of International Studies, described BRICS as an “alternative leadership circuit when it comes to global governance”.
Taking the example of Malaysia’s interest in joining the grouping, Dr Chong said that it can “be a way to get (the country’s) foreign policy lifted up in a very exceptional way”.
He added: “Now, (Mr Anwar) is trying to use this international spotlight that he’s quietly cultivated all these years to good effect for Malaysia. And why not? He’s managed to resuscitate the stalled special relationship with China under the Belt and Road initiative, which is all good.”
Advertisement
POSSIBLE OVERDEPENDENCE ON CHINA
However, Mr Bhima warns of the implications of ASEAN countries joining BRICS, believing that it may give China a bigger role in the United States-China trade war as well as the conflict in the South China Sea.
“Apart from that, in a geopolitical context, countries in ASEAN will avoid criticising China’s escalation of the conflict in the Taiwan Straits as well as sensitive issues such as Xinjiang/Uighur,” said Mr Bhima.
Beyond that, Mr Bhima said that there may be concerns of an overdependence on China in various ways, especially from an economic perspective.
“It is actually very risky, because China is experiencing slowing domestic demand for at least the next two to three years and still struggling with its property crisis.
“China’s economy, which is expected to slow down, will also have an impact on the economic growth of countries in the ASEAN region,” he said.
Dr Liow, meanwhile, said that politics within BRICS itself could prove to be a hindrance.
“There are major obstacles as well, like the membership of countries whose own bilateral relationships face challenges, like China and India, or Saudi Arabia and Iran. Politics can easily come into the picture in a way that makes the potential (of the grouping) difficult to realise,” he said.
While some Southeast Asian countries have expressed interest in joining BRICS, there are others that have kept mum on the topic.
Mr Bhima, the economist, believes that it boils down to the relationship between the countries and those within the BRICS bloc.
“Singapore feels that without joining BRICS, it has already become an investment and financial hub for many Chinese companies. (It) may also be concerned about the duplication of bilateral and multilateral agreements with China and other BRICS countries.
“Meanwhile, the Philippines is more influenced by the issue of the South China Sea conflict, so it is keeping its distance from China,” said Mr Bhima.
Dr Chong, the Senior Fellow at RSIS, said that while China may hold an “informal” voting power within the bloc, it would hope that “its association with Russia will not translate into a negative position within BRICS.”
However, Mr Bhima believes that the bloc’s appeal will continue to see to its expansion for the economic benefits it may potentially yield.
“Many countries will be interested in joining BRICS if major countries such as China and India offer real investment packages, lower various export barriers to BRICS countries, increase the knowledge exchange event between political party leaders, and provide more certainty about mega-project loans that are in line with the national agenda,” he said.
With more ASEAN states expressing interest in and considering joining the group of emerging economies BRICS, analysts have also raised concerns that this may lead to an overdependence on China.
Analysis: Why more Southeast Asian countries have signalled interest to join BRICS
President of Brazil Luiz Inacio Lula da Silva, Chinese President Xi Jinping, South African President Cyril Ramaphosa, Prime Minister of India Narendra Modi and Russia's Foreign Minister Sergei Lavrov pose for a BRICS family photo during…see more
Listen to this article
6 min
SINGAPORE: A desire to diversify their options in the global economic arena is among the reasons why a growing list of Southeast Asian states are keen to join the BRICS group of emerging economies, say analysts, with Malaysia the latest to express interest.
Experts CNA spoke to also believe that leaders of those countries may want to use their standing in the international community in a bid to appeal to their electorate.
Advertisement
Dr Joseph Liow – Dean of the College of Humanities, Arts and Social Sciences at Nanyang Technological University in Singapore – told CNA that countries that have expressed interest in joining BRICS are attracted to its “collective potential”.
“It is part of their own calculations of their national interests, and desire to diversify their options in the global economic arena,” he said.
However, with more Association of Southeast Asian Nations (ASEAN) states expressing interest in and considering joining BRICS, analysts have also raised concerns that this may lead to an overdependence on China.
Thailand’s foreign ministry spokesperson Nikorndej Balankura on Thursday (Jun 20) said that his country had submitted a formal request to join BRICS “a week ago”, Reuters reported.
Meanwhile, in an interview with Chinese news portal Guancha posted on Jun 16, Malaysia Prime Minister Anwar Ibrahim said that his country has “made a decision” to join BRICS and “will be placing the formal procedures soon”.
Advertisement
Mr Anwar’s comments came before Chinese Premier Li Qiang made a three-day official visit to Malaysia from Jun 18 to Jun 20. Mr Li – who is China’s second most powerful leader after President Xi Jinping – is the first Chinese premier to visit Malaysia since 2015.
China's Premier Li Qiang shakes hands with Malaysia's Prime Minister Anwar Ibrahim during their meeting in Putrajaya, Malaysia on Jun 19, 2024. (Photo: Department of Information Malaysia/Syazrul Azis via Reuters)
And in January, Indonesia’s Foreign Minister Retno Marsudi said that her country “is still studying the benefits that can be gained from joining BRICS”.
Others such as Myanmar and Laos have previously expressed interest in joining the bloc while Vietnam had said they were “closely monitoring the process of BRICS membership”. Meanwhile, Singapore and the Philippines for example, have yet to make their positions known.
BRICS’ APPEAL
Mr Bhima Yudhistira, executive director of the think-tank Centre of Economic and Law Studies (CELIOS) in Indonesia said that countries are “influenced by the potential for cooperation in terms of investment, trade and infrastructure financing, especially by China and India”.
“Most countries in ASEAN consider China and India as potential traditional markets,” he said.
Advertisement
BRICS was established in 2006 and initially comprised Brazil, Russia, India and China, with South Africa joining the grouping in 2010. Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) were invited to become members from Jan 1, 2024.
Together, the combined members’ economies are worth more than US$28.5 trillion, or about 28 per cent of the global economy.
Procedure for BRICS membership
A country is considered interested in joining BRICS when its leader or foreign minister formally communicates its interest in becoming a BRICS member state to the BRICS Chair.
The BRICS Chair will then circulate the communication of the interested country to existing BRICS member states.
An interested country becomes a prospective BRICS member state when BRICS Sherpas – a select group of leaders representing their countries within the BRICS bloc – recommend it positively for consideration by BRICS foreign ministers.
BRICS foreign ministers will consider a prospective BRICS member state and make a recommendation for consideration by BRICS leaders.
BRICS leaders will decide on BRICS membership expansion on the basis of full consultation and consensus.
A prospective BRICS member state becomes an invited BRICS member state when the BRICS Chair announces the consensus of BRICS leaders on countries to be invited to become full members of BRICS.
The BRICS Chair will inform an invited BRICS member state of the decision of BRICS leaders and request the appointment of a Sherpa, the main channel for communication amongst the nations.
An invited BRICS member state becomes a BRICS member state when its leader or foreign minister formally conveys to the BRICS Chair its decision to accept the invitation for BRICS membership.
Collapse
Expand
Meanwhile, Dr Alan Chong, Senior Fellow at Singapore's S Rajaratnam School of International Studies, described BRICS as an “alternative leadership circuit when it comes to global governance”.
Taking the example of Malaysia’s interest in joining the grouping, Dr Chong said that it can “be a way to get (the country’s) foreign policy lifted up in a very exceptional way”.
He added: “Now, (Mr Anwar) is trying to use this international spotlight that he’s quietly cultivated all these years to good effect for Malaysia. And why not? He’s managed to resuscitate the stalled special relationship with China under the Belt and Road initiative, which is all good.”
Advertisement
POSSIBLE OVERDEPENDENCE ON CHINA
However, Mr Bhima warns of the implications of ASEAN countries joining BRICS, believing that it may give China a bigger role in the United States-China trade war as well as the conflict in the South China Sea.
“Apart from that, in a geopolitical context, countries in ASEAN will avoid criticising China’s escalation of the conflict in the Taiwan Straits as well as sensitive issues such as Xinjiang/Uighur,” said Mr Bhima.
Beyond that, Mr Bhima said that there may be concerns of an overdependence on China in various ways, especially from an economic perspective.
“It is actually very risky, because China is experiencing slowing domestic demand for at least the next two to three years and still struggling with its property crisis.
“China’s economy, which is expected to slow down, will also have an impact on the economic growth of countries in the ASEAN region,” he said.
Dr Liow, meanwhile, said that politics within BRICS itself could prove to be a hindrance.
“There are major obstacles as well, like the membership of countries whose own bilateral relationships face challenges, like China and India, or Saudi Arabia and Iran. Politics can easily come into the picture in a way that makes the potential (of the grouping) difficult to realise,” he said.
While some Southeast Asian countries have expressed interest in joining BRICS, there are others that have kept mum on the topic.
Mr Bhima, the economist, believes that it boils down to the relationship between the countries and those within the BRICS bloc.
“Singapore feels that without joining BRICS, it has already become an investment and financial hub for many Chinese companies. (It) may also be concerned about the duplication of bilateral and multilateral agreements with China and other BRICS countries.
“Meanwhile, the Philippines is more influenced by the issue of the South China Sea conflict, so it is keeping its distance from China,” said Mr Bhima.
Dr Chong, the Senior Fellow at RSIS, said that while China may hold an “informal” voting power within the bloc, it would hope that “its association with Russia will not translate into a negative position within BRICS.”
However, Mr Bhima believes that the bloc’s appeal will continue to see to its expansion for the economic benefits it may potentially yield.
“Many countries will be interested in joining BRICS if major countries such as China and India offer real investment packages, lower various export barriers to BRICS countries, increase the knowledge exchange event between political party leaders, and provide more certainty about mega-project loans that are in line with the national agenda,” he said.
Your neck first.
We're ultimately fucked!
SG will collapse when USD tanks as BRICS will not only shun them but punish too.
So MIGRATE you idiots. Don't be that proverbial frog being slowly boiled to death.
US and UK are in a state of decline because the donor class dictates policies which benefit the wealthy and not the country. Unless the people of both nations stand up and ditch the current system. US leadership himiliated openly by Netanyahu could be the wake up call needed to make US citizens realise their leaders are not working for the people anymore.
The third force in the UK already started with george galloway and nigel farrage. Whether both can work togather is another matter. Or they may split votes causing both to lose.
In the US, our country, our choice is gathering steam and will be launched on the 4th of July. Its mission is to stop all wars, no more promotion of lbgt, shut the borders with mexico to prevent illegal immigrants coming in, shut all military bases overseas and use the money saved to uplift standard of living. Its gaining momentum. Trump's biggest rival will not be Biden.
Singapore is disqualified from joining BRICS after implementing the illegal unilateral sanctions against Russia imposed by the West. It was an unprecedented move by our worst foreign minister V Balakrishnan and the price we have to pay is now unknown
https://www.rt.com/russia/599511-brics-expansion-sanctions-mechanisms/
https://www.rt.com/russia/599511-brics-expansion-sanctions-mechanisms/
Moving to Malaysia soon. Do not live among the ball-less and stupid. In fact, u will lose ur life and live by living among them.
China Earnings Pain Erodes Optimism Over Stock Market Rebound
- Benchmarks have fallen after a months-long rally through May
- Earnings estimates for onshore equity gauges fell most in Asia
By Abhishek Vishnoi and Winnie Hsu
June 22, 2024 at 8:00 AM GMT+8
Save
Investors in Chinese stocks are losing patience as a long-awaited earnings recovery fails to come through and a rally unravels.
Earnings estimates on key Chinese gauges have been slashed by the most in Asia this year as a deepening housing slump and sluggish retail sales hurt confidence. Stocks have lost momentum following a mid-May peak, with the MSCI China Index down more than 8%.
Have a confidential tip for our reporters?
China Foreign Direct Investment Falls for 12 Straight Months
Beijing, China.
Photographer: Qilai Shen/Bloomberg
By Foster Wong
June 21, 2024 at 9:32 PM GMT+8
Save
A measure of foreign direct investment in China declined for the 12th straight month, underscoring Beijing’s struggle to improve its appeal to overseas investors to boost growth.
Inbound FDI in China dropped 28.2% in the first five months of 2024 from the same period last year to 412.51 billion yuan ($56.8 billion), according to data released by the Chinese Ministry of Commerce on Friday. The figure was worse than the 27.9% drop in April and extended a streak since June 2023.
Have a confidential tip for our reporters?
China’s Property Sales Outlook Worse Than Ratings Firms Expected
Real estate accounts for about 78% of household wealth in China — double the US rate — and families typically save for years and borrow from friends and relatives to purchase a home.
Photographer: Qilai Shen/Bloomberg
By Bloomberg News
June 21, 2024 at 9:22 AM GMT+8
Save
Two global credit ratings firms lowered their forecasts for China’s property market, as an accelerating slump in home prices hampers the country’s efforts to rescue the sector.
S&P Global Ratings now expects residential sales to drop 15% this year, more than the 5% decline it projected earlier. That will put sales below 10 trillion yuan ($1.4 trillion), around half the peak in 2021, the ratings company said Thursday.
Have a confidential tip for our reporters
BRIC can look forward to a bright future...but that will be minimum 20-30yrs later in post 2050.
Now BRIC will need to think on how th
-2. What is component of BRIC currency
-1. Economic trade structure for BRIC
0.Transition from SwIFT to BRIC currency
1. Resolve individual economies problem
2. Ecomonic integration -> political integration
Now BRIC will need to think on how th
-2. What is component of BRIC currency
-1. Economic trade structure for BRIC
0.Transition from SwIFT to BRIC currency
1. Resolve individual economies problem
2. Ecomonic integration -> political integration
BRICS or no BRICS, Sinkieland is fucked for a variety of reasons.
CCP/Tiong fanboys should stop seeing Tiongland as the saviour of the world. Don't flatter yourselves. Many of the problems in the world today can be traced to China. They're the same accursed communist wolves who put on a businessman's sheep clothing and swindled the angmohs into letting it join the WTO. Its supporters are bribed, blackmailed or just not very smart.
CCP/Tiong fanboys should stop seeing Tiongland as the saviour of the world. Don't flatter yourselves. Many of the problems in the world today can be traced to China. They're the same accursed communist wolves who put on a businessman's sheep clothing and swindled the angmohs into letting it join the WTO. Its supporters are bribed, blackmailed or just not very smart.
Just imagine Tiongkok new ruch immigrant to have enable so many wealth twickling effect for Boss John kopi businessBRICS or no BRICS, Sinkieland is fucked for a variety of reasons.
CCP/Tiong fanboys should stop seeing Tiongland as the saviour of the world. Don't flatter yourselves. Many of the problems in the world today can be traced to China. They're the same accursed communist wolves who put on a businessman's sheep clothing and swindled the angmohs into letting it join the WTO. Its supporters are bribed, blackmailed or just not very smart.
$1.00 -> $1.30 kopi price from 2019-2024
$2.50 -> $4.00 Cheekon rice 2019 - 2024
$150 -> $200 Boss Sam Cheekon Rice Set
MAy i know how do u benefit?
Free CDC voucher?
Free vaccination?
Rise GST 7% -> 9%?
Come in and share, dun be shy
https://www.caixinglobal.com/2024-0...with-strong-support-via-fixing-102208699.html
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Listen to the full version
The onshore yuan was little changed at 7.2610 per dollar, while its offshore peer gained 0.1% to 7.2862
(Bloomberg) — China’s support for the yuan Friday signaled its desire to manage its decline, as broad strength in the dollar kept the currency close to a policy no-go area.
The People’s Bank of China (PBOC) set its daily reference rate for the managed currency at 7.1196 per dollar.
While the level was slightly weaker than Thursday’s, the difference between the so-called fixing and forecasts was the widest since April.
PBOC Manages Yuan’s Gradual Decline With Strong Support via ‘Fixing’
00:00/00:30
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Listen to the full version
The onshore yuan was little changed at 7.2610 per dollar, while its offshore peer gained 0.1% to 7.2862
(Bloomberg) — China’s support for the yuan Friday signaled its desire to manage its decline, as broad strength in the dollar kept the currency close to a policy no-go area.
The People’s Bank of China (PBOC) set its daily reference rate for the managed currency at 7.1196 per dollar.
While the level was slightly weaker than Thursday’s, the difference between the so-called fixing and forecasts was the widest since April.
V.B.: Sir. K.S. How ar? Russia doesn't allow SG to join BRICS?
K.S.: Your fault la! Anyhow talk. Go and ask Pineapple how.
https://www.mfa.gov.sg/Newsroom/Press-Statements-Transcripts-and-Photos/2019/07/10072019_WEF-Visit
Come to think of it. It is wise to stay away from Sinkies
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