TOKYO: Japan says that they are not bound to join AIIB as dozens of countries from Europe to the Middle East to Africa jump on the bandwagon of joining the China-backed Asian Infrastructure Investment Bank (AIIB). Japan is opting to stay out for now, with officials believing it can sign up later if its conditions are met.
Japanese officials have shrugged off the March 31 deadline set by China to become a founding member of the Beijing-based bank, and say they attach greater importance to conditions being met rather than when to join.
“It’s not a matter of setting a deadline. Our stance remains unchanged that we must cautiously watch how (China) guarantees fair governance at the AIIB,” a government source told Reuters.
“We have not ruled out the possibility of either joining or staying out,” the source said, speaking on condition of anonymity because he was not authorised to speak to media.
Japan is caught between the misgivings about the AIIB expressed by its biggest ally, the United States, Tokyo’s rivalry with Beijing, and the desire of some officials and businesses to partner with the rapid growth of China, the world’s second-biggest economy.
Washington, worried about China’s economic clout, has said it’s still not clear whether the AIIB will uphold international standards of governance, and social and environmental safeguards.
