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ID:
140609
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| Summary/Abstract |
The genesis of BRIC (Brazil-Russia-India-China, predecessor of present-day BRICS) as a multilateral grouping of the four developing or emerging economies can be traced back to September 2006, with the 61st Session of the United Nations General Assembly in New York, in a bid to explore measures of economic and political cooperation among the member-States. Officially, the organization came into existence in 2009, and with the inclusion of South Africa as the fifth member in April 2011, BRIC was re-christened BRICS. Till date, the BRICS member-states have held seven Summits and the latest in Ufa, Russia (July 2015) has been a watershed with the entry into force of the New Development Bank/BRICS Bank and the Contingent Reserves Arrangement. The BRICS Bank is heralded as an alternative to the World Bank-International Monetary Fund-led international economic architecture. However, it remains to be testified whether the BRICS Bank can evolve as a pulsating alternative to the WB-IMF-led financial system, though there is no way denying its establishment as a stepping stone for providing a predominantly South-South economic cooperative mechanism.
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| 2 |
ID:
167924
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| Summary/Abstract |
The Lancang–Mekong Cooperation (LMC) mechanism, in which China plays a leading role, was officially launched in March 2016 as a result of China's need for an enhanced neighbourhood diplomacy, and the development needs of the five ASEAN Mekong countries and ASEAN integration. China makes great efforts to promote LMC in order to nurture it into a "golden brand" for building a community of a shared future with the neighbouring countries and for the whole of Asia. However, in the face of challenges from within and outside of the cooperation mechanism, China has much to accomplish in building LMC as the platform to achieve its neighbourhood diplomacy goal.
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