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The Eurasian Economic Union has an integrated single market of more than 171 million people.
The Russia-China alliance in Central Asia received a boost with Putin agreeing to most of Beijing's proposals.
Foreign aid still provides for about two-thirds of Afghanistan’s budget.
"Today, we have an opportunity to discuss ways of deepening interaction in the Eurasian space," Putin said.
The BRICS Bank will work closely with the China-led AIIB, says communique.
The group represents more than a fifth of the global economy.
The Russian President, beleaguered by Western sanctions, greeted his BRICS counterparts with a warm welcome in the remote Russian city of Ufa.
The stock market has taken a nose dive over the last month, with the Shanghai Composite Index shedding more than 30%.
Even as Western countries and Japan continue the suspension of their 16-year collaboration with Russia in the G8, Russian President Vladimir Putin on Wednesday evening hosted a different group: leaders
