Beijing: The upcoming summit of leaders of the Shanghai Cooperation Organization (SCO) will make a political decision on India’s and Pakistan’s accession to the SCO, Vice Chinese Foreign Minister Cheng Guoping said.
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In May, Russian President Vladimir Putin ratified a deal to establish a $100 billion foreign currency reserve pool for the BRICS group. PM Modi will also have bilateral meetings with Iranian President Hassan Rouhani besides leaders of BRICS members.
Russian Federation is set on Wednesday to host summits for the BRICS emerging economies and the Shanghai Cooperation Organization (SCO), a Eurasian economic and military alliance. Loans are for development in each of the BRICS, but can also be made in other countries if it benefits trade flows.
“However, although the slowdown in their economies is a fact, there are both external and internal factors, among which those countries’ structural reforms based on their own economic development play an important role”, it said.
On the sidelines of the summits, he is expected to meet Chinese President Xi Jinping on Wednesday and Pakistan’s Prime Minister Nawaz Sharif on July 10.
“Advancing the new development bank is the foremost goal since it can help shift the cooperation from mere view- exchanging to more practical one”, Zhu Jiejin, an associate professor at the Centre for BRICS Studies of Fudan University told state-run Global Times.
A senior government official while speaking on condition of anonymity confirmed to The Express Tribune that the meeting between the two leaders has been scheduled for July 10.
Addressing a joint press event, Modi said,”I have begun my journey in Uzbekistan underlining its importance for India, not just in this region, but also in Asia”.
“India and Pakistan joining the SCO will put external pressure on them to engage at least in back-channel talks”, Happymon Jacob, worldwide affairs specialist at the Jawaharlal Nehru University, said.
The Prime Minister’s visit will start with Uzbekistan from where he will go to Kazakhstan on Tuesday.
During their two-day meeting in Ufa, the leaders of Brazil, Russia, India, China and South Africa will discuss closer industrial, technological and financial integration of their countries within the five-nation bloc.
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Pakistan also believes India is supporting separatists in resource-rich Baluchistan province, as well as militants fighting the state.
