Armenia Joins Shanghai Cooperation Organization as ‘Partner in Dialogue’

Brazil, Russia, India, China and South Africa – which represent 40% of the world’s population, agreed in 2013 to establish their own development bank, with estimated capital of $100 billion. Russia’s economy has contracted and its currency has sunk due to the fall in oil prices and Western sanctions over the Ukraine crisis.

The SCO is an inter-governmental organisation founded in Shanghai on June 15, 2001 by six countries – China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.

Mr. Modi also accepted the invitation of Prime Minister of Pakistan Nawaz Sharif to visit Pakistan during the SAARC summit in 2016.

Sharif said that the organization provides a useful forum to Pakistan in promoting peace and stability in South Asia, Afghanistan and Central Asia.

During the course of their 95-minute meeting ahead of the BRICS and SCO summit in the Russian city of Ufa, the two leaders also discussed border issues and the need to accelerate the boundary talks process.

The Statement read out by Foreign Secretaries of India and Pakistan in Ufa, Russian Federation said: “The Prime Ministers of Pakistan and India met today on the sidelines of the SCO Summit in Ufa.The meeting was held in a cordial atmosphere.The two leaders exchanged views on issues of bilateral and regional interest”.

“India will be pleased to contribute to the development of infrastructure in the region”, he said.

Overcoming the challenges of the current century requires multilateralism, respect for global law, reforming political as well as economic institutions and the promotion of global cooperation, said the president.

The reforms are designed to give more voting power to countries like China and India while increasing the fund’s resources and reducing the influence of European members on its board. He said Belarus would obtain observer status, joining Afghanistan, Iran and Mongolia.

His remarks came a day after he raised with China’s Xi India’s concerns over Beijing blocking New Delhi’s move for action in the United Nations against Pakistan over the release of 26/11 mastermind and LeT terrorist Zakiur Rehman Lakhvi. Both India and Pakistan were Observers with the group until now. “We will work together with SCO for sustainable development and combating climate change”.