US and Japan need to rethink their stand against AIIB
August 3, 2016
by P. VISWA NATHAN, ROVING EDITOR
Six months after its inauguration in Beijing on January 16, the Asia Infrastructure Investment Bank (AIIB), the China-led inter-governmental development institution focused on Asia, has granted its first four loans. …
It was initiated in 1998 by three Asia-Pacific leaders—the former Philippine president Fidel Ramos, the former prime minister of Australia Bob Hawke, and the former prime minister of Japan Morihiro Hosokawa. Since then a global conversation on the matter has ensued, which seems to have made the United States nervous.
Washington had once … exercised much influence over many Asian countries through the Southeast Asia Treaty Organization as well as economic and military aid … . But that influence has started to wane … .
Nonetheless, it wants to prevent anyone else playing any key role on that turf—which some smart minds in Washington had concluded the AIIB would realize for China. So, Washington has tried to convince its allies as well as others not to support it.
Many have ignored the US plea. Fifty-five countries signed up within six months after the agreement to establish AIIB came into effect. …