A six-day tour by Russian President Vladimir Putin to Latin America ended with a long anticipated creation of the BRICS bank and the signing of energy agreements, as Russia looks to build alliances to counter Western influence.
With the leaders of Brazil, Russia, India, China and South Africa coming together for the 6th BRICS Summit, it is worth touching once again upon the significant role these countries and other emerging markets play in the global economy.
The United Arab Emirates announced plans to get ahead of other Arab nations and enter cosmic exploration with a space agency of its own. By 2021, the first unmanned UAE spaceship is supposed to blast off from the Arabian Peninsula on a mission to Mars.
The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
President Putin’s visit to Latin America is of transcendental importance at a time when the BRICS bloc is becoming something far more than a mere trade agreement, and where Russia is playing a key global geopolitical role.
Washington and Doha have signed the largest arms deal of the year, preparing to enhance Qatar’s military capabilities with $11 billion-worth of Apache assault helicopters, PAC-2 missile defense complexes and Javelin man-portable anti-tank missiles.
US based Whiting Petroleum is to buy Kodiak Oil for $3.8 billion. The deal brings together two of the biggest players in the Bakken shale formation. The deal creates a dominant player in North Dakota, the second biggest oil producing state in the US.
Russia is to urge its BRICS counterparts to set up an energy association that will include a fuel reserve, as well as the institute for energy policy, according to Russian presidential aide Yuri Ushakov.