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Although the BRICS caravan is passing through uncertain times, its major leaders appear determined to continue the journey as doing so is in the collective interest. The world is likely to hear more - not less - about BRICS in the foreseeable future.
Courtesy: Wikipedia
The recent decision of Brazil's lower house of parliament to impeach President Rousseff has once again brought attention to the country's struggles with corruption. The crisis has already affected Brazil’s economy. Its impact on the region and on Indian businesses in the country is yet to be seen.
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The Trans-Pacific Partnership has dropped strong Intellectual Property Rights regulations on India’s doorstep. The implications of these regulations could affect India’s own policies, as well as her global aspirations towards the potential Regional Comprehensive Economic Partnership.
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Despite major political change in Brazil, Argentina, and Venezuela due to global economic tumult, it may be premature to speak of a rightward shift in Latin American politics. Yet, developments in these democracies need to be monitored carefully as India has a stake in their political stability.
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Despite the Venezuelan opposition's victory in the December 6 legislative elections, 2016 will likely see a rise in political confrontations and a deepening economic crisis in Venezuela. The India-Venezuela bilateral will remain mostly unaffected and continue to be focused on oil.
Courtesy: ustr.gov
The U.S.-driven Trans Pacific Partnership agreement between 12 countries, which is aiming to become the new standard of world trade, impacts domestic systems globally. For India, it will skew investment and intellectual property rights, and especially the debate over the Investor State Dispute System which allows companies to challenge sovereign rights and public policy.
Courtesy: Presidencia Ecuador / Flickr
The Ecuadorian president’s first-ever state visit to India this month was cancelled, possibly because four of seven helicopters supplied by HAL to Ecuador have crashed. But this hurdle can be overcome, and ties between the two countries can expand beyond defence and oil to sectors such as pharma, IT, and agribusiness.
Courtesy: Wikipedia
Although it is too soon to comprehensively analyse the Trans-Pacific Partnership agreement of October 5, it is worth assessing what is known. Here are the facts, the controversies, the assessments, and the implications for countries that are not part of the agreement, especially India.
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At a recent international seminar on BRICS Studies, in addition to the predictable themes such as building a multipolar world order and the One Belt One Road project, fresh ground was also covered, including the contours of the New Development Bank and the potential impact of the refugee crisis on BRICS countries.
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If, after nine years, BRICS remains a disparate grouping, and its trade and investment flows remain dismal, it is time to explore new avenues of cooperation to consolidate the alliance—and culture and education can provide the necessary cementing factor when combined with the New Development Bank