BRICS worried about markets, oil price volatility – Putin

MOSCOW: Prime Minister Nawaz Sharif has said that the Shanghai Cooperation Organisation (SCO) would provide Pakistan and India a platform to work together for improving bilateral ties.

The summit of leaders from Brazil, Russia, India, China and South Africa also discussed creating their own credit-ratings company and nurture direct investments between each other.

He said all decisions in BRICS should be taken on the basis of consensus, collaboration and cooperation, and that it is “essential that all should observe global rules”.

2 ” Priority social issues on the agenda, like healthcare, education [and] labor would certainly take their proper place with a number of concrete proposals”, Panova said.

On July 2, answering questions on the technical hold put by China on the Lakhvi issue in United Nations, Deputy Director General of the Asian Affairs Department of Chinese Foreign Ministry Huang Xilian said the issue should be discussed in the India-China joint mechanism on terrorism between the two countries.

He also proposed to explore ways to effectively connect China’s Belt and Road initiative with India’s relevant development plans, in a bid to achieve mutually beneficial cooperation and common development. The Russian President admitted his lack of confidence, lamenting to Mr Modi that “When you see real yogis, it seems impossible to achieve such perfection”.

“The Brics’ Summit in Ufa is probably the most important and nerve-racking than even the year of its launch” said Victoria Panova, Strategy Planning adviser at the National Committee on Brics Research.

The two PMs will meet after over a year’s gap.

“I think that such development with India, Brazil and South Africa would be interesting and could no doubt lift the level of trade turnover”, Putin said.

Russia, now holding the annual presidency in BRICS, attaches great importance to the development of interaction with BRICS member states and considers these relationships a foreign policy priority.

Setting the tone for Friday’s formal meeting, Modi and Sharif on Thursday night exchanged pleasantries and chatted briefly when they came face-to-face at a dinner hosted by Russian President Vladimir Putin for leaders of five BRICS countries and 10 SCO nations in Ufa.