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PMs from Shanghai group to discuss global financial crisis

Posted by seumasach on October 29, 2008

MOSCOW, October 29 (RIA Novosti) – The prime ministers of Russia, China, and four Central Asian countries will meet on October 29-30 in Kazakhstan’s capital to discuss measures to overcome the ongoing financial crisis, the Kremlin press service said on Wednesday.

The Shanghai Cooperation Organization (SCO) premiers’ meeting “is expected to address social, economic and humanitarian cooperation among member states, and ways to improve the organization’s activities following the results of the SCO summit in Dushanbe on August 28. Special attention will be paid to SCO coordination activities amid the global financial crisis,” the Kremlin said.

The global credit crunch, sparked by the subprime mortgage crisis in the United States, quickly spread to Asia and Europe leading to record losses on global financial markets and a worldwide liquidity shortage.

The SCO, which is widely seen as a counterweight to NATO’s influence in Eurasia, comprises Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan. The group primarily addresses security issues, but has recently moved to embrace economic and energy projects.

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