BRICS 2015 Summit: Agreement Signing Ceremony Part 1

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.

Pakistan has responded positively to a suggestion by India for a meeting between the two leaders, an official spokesman said.

The five countries, which are located in four continents respectively and sit on both the northern and southern hemispheres, should also implement the BRICS Economic Partnership Strategy and dig new cooperation highlights, he added.

The 15th Shanghai Cooperation Organization (SCO) summit to be held on July 9-10 in the Russian city of Ufa is expected to ratify the SCO Development Strategy until 2025.

Chinese President Xi Jinping said global economic growth is slowing, and instability and uncertainty are on the rise.

The BRICS New Development Bank expects to start providing its first loans by April 2016, according to India’s K.V. Kamath, the first president of the bank.

Prime Minister Sharif will also meet leaders of other countries at the summit, reported Daily Pakistan. “We can tap our strengths like skill development”, he said, while pitching for a framework for development.

Russia’s increased focus on Asia since the crisis in Ukraine began has brought some successes: on Thursday its finance minister said China had bought around $1 billion worth of Russian domestic bonds this year.

Among the initiatives, Modi suggested an annual trade fair that India would host next year.

Qazi Khalilullah said the prime minister will also hold meetings with the Presidents of Russian Federation, China and Afghanistan.

India had majorly dropped its crude imports from Iran under USA pressure to limit its purchases of oil from the Islamic republic over Iran’s nuclear programme.

“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.

“We are talking about gradual lifting of barriers for investing by Chinese financial institutes…it would help develop the economy of our two countries”, he said. She added that several other documents will be adopted to regulate the operation of governing bodies – the Governing Council and the Standing Committee.