More countries seek to join China's Asian Infrastructure Investment Bank

An increasing number of African, European and Latin American states are setting their sights on membership in the China-led Asian Infrastructure Investment Bank, as U.S. President Donald Trump is taking steps to repeal existing trade agreements with Mexico and the Asia-Pacific.

The Financial Times reported 25 more countries are seeking membership in the AIIB, a development that is encouraging Beijing to push forward as the front-runner on economic globalization.

In early January, Chinese President Xi Jinping had warned an audience at the World Economic Forum in Davos of the perils of economic protectionism.

Beijing has also been promoting its free trade agreement, the Regional Comprehensive Economic Partnership, or RCEP, as a competitor to the Trans-Pacific Partnership, a multilateral trade agreement from which Trump withdrew U.S. participation this week.

AIIB president Jin Liqun told FT the boost in membership could help the $100 billion bank and China's standing in the global economy.
 [upi.com]
25/1/17
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Related:

• Portugal, Iceland apply to AIIB (Asian Infrastructure Investment Bank)
• 42 countries file applications to join AIIB (Asian Infrastructure Investment Bank)
• Denmark applies to join AIIB as founding member
• Russia Doubts China's AIIB Bank Will Compete With World Bank, IMF
• China welcomes France, Germany, Italy to join new development bank

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