China’s foreign policy fired all eight cylinders on Saturday. There has been a stampede of countrieswanting to be founder members of the Asian Infrastructure Development Bank [AIIB] – South Korea, Australia, Brazil, Russia, Netherlands, Switzerland, Georgia and so on. Even Taiwan — if only Beijing could find a way to admit an entity that it considers a part of China. Monday is the deadline for aspiring applicants.
Clearly, the United States’ ‘pivot’ to Asia is in trouble, big trouble, and without the pivot, there is uncertainty how a steady erosion in America’s standing in Asia can be averted. The US has been badly exposed as being at odds with the prevailing sentiment in the Asian region. The AIIB has busted a hole into the US’ ‘pivot’ strategy through which even the Indian elephant can pass. A Trans-Pacific Partnership agreement with the obsessive idea of ‘containment’ of China seems more problematic than ever.