Russia, China Say They Will Work on the Financial Issues

Wednesday, October 14, 2009 at 7:10 pm

Beijing: Russia, China Say They Will Work on the Financial Issues, China, Russia and other members of a regional security group pledged Wednesday to work together to combat the global economic crisis and find ways to enhance cooperation in financial matters.

A document signed at the meeting of the Shanghai Cooperation Organization, said members of the group should focus on a joint response to the global financial crisis and a common strategy for post-crisis.

“We must harness the potential of our cooperation for development post-crisis,” said Russian Prime Minister Vladimir Putin.

“The crisis has acted as a catalyst for reforming the international financial system and our organization should participate in that,” he said.

Chinese Premier Wen Jiabao expressed hope the meeting created “a unique opportunity to exchange views and develop a specific plan.

“China pays great attention to the Shanghai Cooperation Organization. The meeting has shown that countries in the region are deeply interested in expanding the mutual cooperation for the participation of stable long-term development,” Wen said.

Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan are also members of the group.

Members committed to creating a fund to boost transport and telecommunications links, although no details were immediately given.

The agreement calls for the finance ministers and central bank governors of countries to meet later this year in Kazakhstan to discuss trade and use of other currencies in trade between groups.

Putin also to confer briefly with officials from Afghanistan, Pakistan and Iran, who attended Wednesday’s meeting as observers. His planned meeting with Iranian First Vice President Mohammad Reza Rahimi is on Washington and its allies difficult to contemplate further sanctions if Iran does not admit in its suspect nuclear program.

Russia and China have resisted Western pressure for greater punishment when they adopted the last three sets of UN sanctions on Iran.

While Moscow and Beijing believe that the Shanghai group to counterbalance U.S. influence in the energy-rich former Soviet republics of Central Asia, are also competing fiercely for dominance in the region.

Russia now controls gas exports from the region, but Beijing has challenged the domination of Moscow with an agreement in June to buy 40 billion cubic meters of gas annually from Turkmenistan starting next year. Work on the construction of a 4,300 miles (7,000 km) pipeline from Turkmenistan to China is scheduled for completion later this year.

Meanwhile, Russia has sought to strengthen its role as the main supplier of energy and other raw materials to China, including a framework agreement for gas supply signed on Tuesday.

Russia, China Say They Will Work on the Financial Issues

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