Cooperation between Russia, China and Mongolia has huge potential, Russian President Vladimir Putin said after a meeting with Chinese and Mongolian leaders Xi Jinping and Tsakhiagiin Elbegdorj on Thursday.
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MOSCOW – A summit of the BRICS countries has concluded with a declaration calling on the five member states to intensify their industrial development.
The meeting comes days after Modi telephoned Sharif on June 16 to convey Ramadan greetings and stressed on the need for peaceful and bilateral ties.
The BRICS, coined in 2001 by ex-Goldman Sachs economist Jim O’Neil, gathered as a stock rout in China and uncertainty over Greece’s euro future trigger gyrations in global financial markets.
He said cooperation would also give a boost to skill development.
India will be the next chair of BRICS for 11 months beginning February next year.
Headquartered in Shanghai and headed by an Indian economist, the Brics’ New Development Bank has just held its first board meeting and will soon be lending large sums of money internationally for infrastructural upgrades.
One common malaise dragging down growth in all Brics member countries is a contraction in exports in an adverse global market.
“We remain absolutely determined to take this campaign to its logical conclusion in order to achieve our objective of peaceful and prosperous region”, he said.
The BRICS called for “the normalisation of trade and investment with Iran” and said any deal should “provide for the comprehensive lifting of sanctions imposed on Iran”. I think it has to be pointed out that all of the BRICS countries, each of them big and powerful in its own way, they are all very different. Pakistan, however, is not hopeful of any major breakthrough given the track record of the Modi administration, said another official.
In a veiled message to China, which had blocked New Delhi’s move for action in the United Nations against Pakistan over the release of Lashkar-e-Taiba terrorist Zakiur Rehman Lakhvi, Modi said peace and stability were the bulwarks of progress and prosperity and it was the responsibility of countries to unitedly combat terrorism and extremism.
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