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Russia hosts first BRIC summit
(Agencies)
Updated: 2009-06-16 16:56

Russia hosts first BRIC summit
Pakistani President Asif Ali Zardari (L) and Indian Prime Minister Manmohan Singh line up for a family photo at the Shanghai Cooperation Organisation (SCO) summit in Yekaterinburg, June 16, 2009. A one-on-one meeting between Singh and Zardari is planned on the sidelines of the SCO summit and could help break the ice between the two nuclear-armed powers. [Agencies]
INDIA, PAKISTAN

A one-on-one meeting between Indian Prime Minister Manmohan Singh and Pakistani President Asif Ali Zardari is planned on the sidelines of the SCO summit and could help break the ice between the two nuclear-armed powers.

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The SCO summit is likely to produce general pledges to work together more closely for regional development and security.

As part of proposals to rebuild the financial system, Russian President Dmitry Medvedev has made proposals on giving a greater role to the International Monetary Fund's Special Drawing Rights that echo ideas from Chinese central bank chief Zhou Xiaochuan.

Russia said it would reduce the share of US Treasuries in its $400 billion reserves and buy IMF bonds. China, Russia and Brazil have pledged to help capitalise the IMF as they seek more influence at the fund.

"China and Russia share some agreement on general ideas about dealing with the financial crisis and regional issues, otherwise the BRIC summit wouldn't be happening at all," said Zhao Huasheng, an expert the two countries' relations at Fudan University in Shanghai.

"But translating those concepts into practice is difficult, especially when there are so many other diverse countries also present," said Zhao.