Putin, Xi welcome India’s SCO membership
June 24, 2016, 5:37 am

Vladimir Putin met with Chinese President Xi Jinping on the sidelines of the Shanghai Cooperation Organisation summit in Tashkent, Uzbekistan on 23 June 2016 [Image: PPIO]

Putin and Xi met in Tashkent on the sidelines of the China-Russia-led Shanghai Cooperation Organisation (SCO) Summit.

Both Putin and Xi have backed India’s ascension to permanent membership of the economic and regional security bloc.

The SCO is planning to establish a new development bank and a new transport corridor.

Earlier on Thursday, Xi told Indian Prime Minister Narendra Modi that China is looking forward to enhancing cooperation with its neighbor India under the framework of the SCO.

Currently, both India and Pakistan are observers at the bloc. Pakistan applied for a full membership in 2006 and India in 2014.

Founded in 2001, the SCO now has China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan as its full members, with Afghanistan, Belarus, India, Iran, Mongolia and Pakistan as observers.

In Russia for the BRICS and SCO Summits in July last year, Chinese President Xi Jinping called on the member states to “uphold the “Shanghai Spirit” for common development”.

At least $16 billion of China’s $40 billion Silk Road Fund will be dedicated to projects in Central Asia.

Xi announced in Ufa, Beijing is willing to strengthen investment cooperation with other SCO members channeling the China-Eurasia Economic Cooperation Fund and the Silk Road Fund, “focusing on large infrastructure projects, resources exploitation, industry and finance”.

Meanwhile, in his meeting with “old friend” Putin on Thursday, Xi said he wants to “consolidate our political and strategic trust, strengthen mutual support, link our countries’ development strategies, dovetail the Silk Road Economic Belt project with the EAEU, and promote closer cooperation and interaction on current international and regional issues”.

The governments of Russia and China should speed up the process of linking the Eurasian Economic Union (EAEU) and Silk Road Economic Belt, Chinese Foreign Minister Wang Yi said last month.

“China and Russia should speed up linking the Silk Road Economic Belt and EAEU, in order to collect early harvest,” said Wang.

Earlier on Thursday, Putin, Xi and leader of Mongolia Tsakhiagiin Elbegdorj – adopted a program of building an economic corridor between the three countries.

TBP