SCO Summit begins in Ufa today

Addressing the participants of BRICS Summit Russian Federation Ufa 2015, Nawaz Sharif stressed that all states will have to join hands to achieve the goal of peace and progress in the region.

China and India should work together to build a closer, more comprehensive and firmer partnership among BRICS countries, Chinese president Xi Jinping said here Wednesday.

Leaders of the BRICS (Brazil, Russia, India, China and South Africa) are meeting this week in Ufa, Russia. “Expectations include supporting Russia’s longstanding view of necessity to deepen BRICS’ cooperation with practicalities of… enhancing ties in all areas of social, economic and political life through outreach with involvement of different stakeholders”.

Brazil, Russia, India, China and South Africa – which represent 40 percent of the world’s population, agreed in 2013 to establish their own development bank, with estimated capital of $100 billion (90 billion euros).

“PM @narendramodi and PM Nawaz Sharif will have a bilateral meeting in Ufa tomorrow at 9.15 a.m. on sidelines of SCO Summit”. “But these are issues that we want to see them solve bilaterally”, Kirby said.

The leaders of BRICS countries adopted a final declaration out of the summit late Thursday.

The group’s New Development Bank will finance joint, large-scale projects from next year.

“I think that Rosneft projects will clearly be interesting for the financial development institutions that are created”, he said, in response to a question from journalists about whether the state oil giant could receive funding.

Prime Minister Modi further proposed a BRICS Agriculture Research Centre, which would be a big gift to the world.

“The bank is an instrument for development, for economic growth”, Siluanov said, while ruling out any bailout loans to Greece.

“Terrorism for India is a major concern”, an official said, indicating that the issue could be taken up by Modi at the meeting. Bilateral relations are expected to figure in the talks between the two countries and possibly some agreements inked, including to boost trade.

Leaders on Thursday will discuss regional and global issues, including the Syria conflict, threat of the Isis group, the situation in Greece and Iran’s nuclear programme.