The two leaders specifically discussed progress on the Chabahar port project being built in Iran’s Sistan-Balochistan Province which will give India sea-land access route to Afghanistan bypassing Pakistan.
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The BRICS emerging nations are anxious about the volatility of financial markets and oil prices, Russian President Vladimir Putin said on Thursday.
On terrorism, he said concerted action was needed to combat terrorism and extremism.
The Central banks of BRICS countries have signed an operating agreement on the currency reserve pool, according to Central Bank of Russian Federation.
Like Modi, the Brics declaration condemned “unilateral military interventions and economic sanctions in violation of worldwide law and universally recognised norms of worldwide relations”.
But it is in its sharp criticism of the U.S. that today’s meeting stood out.
With about $50 billion in starting capital, the bank is expected to start issuing debt to fund infrastructure projects next year. It said the member countries were concerned about potential spillover effects from the unconventional monetary policies of the advanced economies.
President Putin was present when Modi spoke at the Business Council meeting – comprising 25 prominent entrepreneurs from the five member nations.
First dreamed up as a hypothetical acronym by a Goldman Sachs economist, the BRICS bloc has become an influential player on the world stage, and a byword for the shifting balance of power in the 21st century.
He favoured development of a manufacturing chain across the BRICS countries, saying it will help create jobs and benefit all the member nations. “While remembering the scourge of war, we highlight that it is our common duty to build a future of peace and development”, the document said. “The sides defined priority spheres of their interaction, such as politics, security, the economy, cross-border and interregional ties, the humanitarian sphere and worldwide affairs”, the Russian leader said.
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The Seventh BRICS Summit and the 15th meeting of the SCO Heads of State Council are being held from July 8 to July 10 under Russia’s rotating chairmanship. 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.
