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(L-R) Brazil's Luiz Inacio Lula da Silva, Russia's Dmitry Medvedev, China's Hu Jintao and India's Manmohan Singh. (Image: China News Service)
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SCO, BRIC summits: Shaping a new economic order?
"We should work hard to overcome the difficulties and try to take the lead in recovering from the global financial crisis. This is not only for our own need, but also contributes to world economic recovery." President Hu Jintao on CRI Nordic
“But for all the experience under its belt, the SCO -- which formally gathers Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan -- is looking less formidable than usual.” Radio Free Europe
The annual Shanghai Cooperation Organization (SCO) summit was held this week in Yekaterinburg, Russia, with security and the global economic crisis topping the agenda. At the same time, the city also hosted the first official meeting of leaders of the world's four biggest emerging economies, or BRIC countries. Are these summits an indication of an eastward shift in the world's political and economic dynamics?
The SCO summit was attended by China's President Hu Jintao and leaders of the four central Asian states of Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Observer countries India, Pakistan, Afghanistan, Iran and Mongolia were also represented. The meeting of the so-called BRIC group gathered the world's most powerful emerging economies of Brazil, Russia, India and China.
Ron Huisken from the Australian National University told Radio Australia, that the SCO was in essence created as China's answer to NATO with the aim of signaling particularly to the United States that regional powers should dominate in Central Asia. At this week's meeting, the focus of the SCO countries was on developing coordinated measures to stabilize their economies and maintain growth in the region, the BBC says. Among the most noteworthy outcomes of the summit was China's pledge of 10 billion USD in loans to the SCO countries to help them shore up their struggling economies, Xinhua reports. In addition, a number of agreements on anti-terrorism and information security cooperation, among others, were signed, the news agency continues. Nevertheless, the coalition seems to be losing some of its momentum, Radio Free Europe notes, saying it is now more a vehicle for bilateral rather than for multilateral cooperation deals.
As for the BRIC summit, The Financial Times questions the future of the entire dialog mechanism due to the fundamental differences that exist between the four member countries. The New York Times also doubts the ability of the BRIC group to exert any type of changing influence on the global financial architecture, thus reducing its role to merely a symbolic one. According to China Daily, the one thing that all four are unanimous about, however, is the need to reduce the role of the US dollar in their foreign exchange reserves and cross-border trade. At the conclusion of the summit, the group also repeated their long-standing calls for emerging economies to be given a bigger say in global affairs and major financial institutions, AP says.
Are we witnessing a reshaping of the world's economic order?
| China | Europe | North-America | From elsewhere |
|---|---|---|---|
| Chinese President Makes Proposal for Tackling Global Financial Crisis at BRIC Summit CRI Nordic - 17th June 2009 Chinese President Hu Jintao Tuesday presented a four-point proposal for dealing with the ongoing global financial crisis at the first summit meeting of BRIC countries. SCO Leaders Sign Yekaterinburg Declaration, Anti-terrorism Document CRI Nordic - 16th June 2009 Leaders of the Shanghai Cooperation Organization (SCO) signed a series of documents on Tuesday. SCO Leaders Conclude Summit with Calls for Enhanced Co-op CRI Nordic - 16th June 2009 Leaders of the Shanghai Cooperation Organization (SCO) concluded their annual summit on Tuesday with calls for constructive dialogues and enhanced cooperation to tackle regional and international issues. SCO comes of age for regional development China Daily - 15th June 2009 This year's annual summit of the Shanghai Cooperation Organization (SCO) is due to be held in Russian city of Yekaterinburg. BRIC summit may focus on reducing dollar dependence China Daily - 16th June 2009 The leaders of Brazil, Russia, India and China are gathering in the Russian city of Yekaterinburg today, during which they are expected to discuss ways to reduce their reliance on the US dollar. |
Shanghai group leaders open talks BBC - 15th June 2009 Chinese President Hu Jintao and leaders from Central Asia have joined Russian President Dmitry Medvedev for a summit on economic and security issues. First summit for emerging giants BBC - 16th June 2009 The world's newest economic grouping is to hold its first summit in the Russian city of Yekaterinburg. UPDATE 1-China offers $10 billion credit to boost Central Asia Reuters - 16th June 2009 Chinese President Hu Jintao on Tuesday offered Central Asian states $10 billion of credit support to help counter the global economic slump. China's 10 bln dlr credit to Shanghai forum states AFP - 16th June 2009 China will extend a 10 billion dollar credit to member states of the Shanghai Cooperation Organization to help them overcome the financial crisis. SCO Summit: 'Beast Of The East' Appears To Have Lost Its Teeth RadioFreeEurope - 16th June 2009 The SCO has sought to promote itself as a "rising beast in the East" and an Asian counter to NATO. De bric et de broc, par Marie Jégo Le Monde - 18th June 2009 Pour la première fois, les chefs d'Etat des quatre principales économies émergentes se sont réunis en sommet, bien décidés à donner de la chair à ce qui n'était jusque-là qu'un contour, une notion géo-économique conçue en 2003 par un économiste de la banque d'investissements Goldman Sachs. Sommet des Bric : le club des puissances émergentes Rue89 - 17th June 2009 C'est un événement hautement symbolique des nouveaux rapports de force internationaux, qui a pourtant été largement occulté par le fracas des événements en Iran. Le BRIC veut faire bloc Radio France Internationale - 16th June 2009 Ces pays dits du BRIC ( Brésil, Russie, Inde et Chine ) veulent coordonner leurs positions face à la crise mondiale et revendiquent une place plus importante sur la scène internationale. Le premier sommet du BRIC met en garde contre la domination du dollar Boursorama (AFP) - 16th June 2009 "Nous pensons qu'il est vraiment nécessaire d'avoir un système de devises stable, prévisible et plus diversifié", ont déclaré les dirigeants des quatre pays, réunis à Ekaterinbourg en Russie |
Emerging Economic Powers Meet in Russia The New York Times - 17th June 2009 Leaders of some of the world’s most powerful economies gathered Tuesday to plot how they can exert more control over the global financial system. Medvedev calls for new reserve currencies AP - 16th June 2009 Russian President Dmitry Medvedev says the world needs new reserve currencies. Quartet defined by differences The Financial Times - 16th June 2009 The Bric summit, which convenes for the first time today in Yekaterinburg, Russia, is almost certainly the first multilateral nation bloc to be created by an investment bank's research analysts and their sales team. Russia, China, others urge diverse monetary system AP - 17th June 2009 Brazil, Russia, India and China on Tuesday called for a more diversified international monetary system. China, Russia Woo Central Asian Countries With Bailout Cash Bloomberg - 17th June 2009 China offered to lend Central Asian nations $10 billion to help them weather the global recession. |
‘BRIC should create conditions for fairer world order’ The Hindu - 17th June 2009 For all its global significance, the first-ever summit of the BRIC countries was a short affair, conducted behind closed doors. SCO no rival to NATO yet Radio Australia - 16th June 2009 The Shanghai Cooperation Organisation summit is hosted by Russia this year, with security and the global economic crisis dominating the agenda. Russia for trilateral anti-terror mechanism with Pak, Afghan The Press Trust of India - 16th June 2009 Vowing to fight the menace of terrorism jointly with Afghanistan and Pakistan, Russian President Dmitry Medvedev has suggested that a trilateral mechanism be put in place for Moscow's interaction with the two countries to streamline collective efforts. Brazil to host second BRIC summit in 2010 ThaiIndian - 16th June 2009 Brazil will next year host the second summit BRIC that also includes Russia, India and China, Russian President Dmitry Medvedev announced. |
