Anton Siluanov, speaking to journalists on Tuesday ahead of a meeting of leaders from Brazil, Russia, India, China and South Africa in the Russian city of Ufa later this week, said the first projects “will appear by the end of the year”.
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India and Pakistan will start the process of joining the SCO, Chen said. The BRICS leaders will meet in an informal milieu over dinner. As Greg Shtraks pointed out in his preview of the BRICS/SCO summits last month, two sides have emerged globally-with Russian Federation, China, and a “coterie of Eurasian autocracies” standing apart from the G-7, led by Europe and United States, which has reinforced its relations with East Asia.
The SCO’s pitch for New Delhi as the next host of the grouping’s summit also sends a signal to the USA that its attempts to geopolitically isolate Russian President Vladimir Putin are meeting with only limited success. Indian banker KV Kamath will be the first head of the BRICS development Bank. Meetings were held at the level of ministers of finance, foreign affairs, trade, health, environment, etc. The Business Council of BRICS, which includes five representatives from each country, will present its annual report on July 7-8.
With the theme “Brics Partnership – a Powerful Factor of Global Development”, the current Brics summit will chart the course for Brics’s future on the achievements of the past six summits. The move is expected to come as a booster to the economic engagement among five of the world’s biggest emerging countries amid renewed efforts to insulate themselves from over-dependence on Bretton Woods institutions and the hegemony of the USA Dollar.
The BRICS nations share a desire to grow in economic and political importance without copying the Western model of development.
Prime Minister Nawaz Sharif will travel to Ufa for the two-day summit of the regional security bloc. It is a great forum that can contribute effectively to mitigate global challenges. The meeting will be held on Modi’s wish. India and Pakistan have fought three wars since 1947 and they are well known rivals to each other. Both the countries also need to sign 28 key documents of the group.
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India released 88 Pakistani fishermen while Pakistan freed 111 Indian fishermen. Pakistan is a nuclear-armed power, which is responsible for their actions. After a major hiccup in U.S.-Brazil relations over the Snowden revelations in 2013, a weakened Brazilian President Dilma Rousseff just completed a visit to Washington which culminated in new agreements to work together on climate change and on defense production.
