SCO Ministers To Discuss Economic Ties
Context:
As Indian External Affairs Minister S. Jaishankar met with Chinese Foreign Minister Qin Gang here on Thursday, they held a “detailed” discussion on bilateral relations, but the unresolved three-year-old military standoff at the Line of Actual Control (LAC) remained the “focus” of India-China talks.
Points to Ponder:
- Meeting with Chinese Foreign Minister Qin Gang, India’s External Affairs Minister S. Jaishankar discussed the ongoing three-year military standoff at the Line of Actual Control (LAC), which continues to be the “focus” of India-China negotiations.
- The two Ministers have spoken twice this year, during which time they have addressed addressing unresolved problems and maintaining tranquilly and peace in border regions.
- In addition, Sergey Lavrov of Russia and Bakhtiyor Saidov of Uzbekistan met with Jaishankar, who also welcomed all the other foreign ministers from the Shanghai Cooperation Organisation (SCO) for a meeting on Friday.
- The Friday meeting of the SCO Foreign Ministers in Benaulim will focus on enhancing economic cooperation, including talking about national currency payments for cross-border trade.
- Following the conflict in Ukraine and the sanctions imposed on Russia, one of the organization’s founding members, the proposal was made by Central Asian members.
- India and Russia are already in bilateral conversations about how to get over U.S. and EU-imposed unilateral sanctions by using national payments, third-country payments, and other strategies.
- Russia, China, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan are the eight nations that make up the SCO.
- The SCO is discussing themes of economic and cultural cooperation among its members as India holds the chairmanship.
- Iran and Belarus will be admitted as full members, and the SCO Foreign Ministers will consider this at their meeting and submit their applications to the summit.
- India’s position is seen as a “balancing” factor because it belongs to several organisations, including the SCO, G-20, BRICS, Quad, and BRICS.
