India may get first presidency of BRICS Bank in Shanghai
17 July 2014 5:15 AM IST
The BRICS summit, prime minister Narendra Modi’s first multilateral engagement, commenced in Fortaleza in Brazil on Tuesday amid an understanding that the five member nations will have equal shareholding in the proposed $50 billion BRICS Development Bank presidency of which is likely to go to India first. The bank’s headquarters is likely to be located in Shanghai, China’s financial hub, although India was pressing for New Delhi. However, the first rotational presidency of the bank is likely to go to India.
The new Indian leader joined presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil at the grouping’s sixth summit at this seaside Brazilian city to deliberate on global economic, political and strategic issues. Meanwhile, Modi on Tuesday met Chinese president Xi Jinping here and pressed for a solution to the boundary question, saying if the two sides could amicably resolve the vexed issue, it would set an example for the world on peaceful conflict resolution.
The two leaders, who arrived almost at the same time in this seaside city of Brazil last evening to attend the BRICS Summit, engaged shortly thereafter for what was described as ‘good discussions and good meeting’. The meeting - first between the two leaders - was scheduled for 40 minutes but it went on for 80 minutes as it was a free-wheeling discussion without any constraints.
‘Had a very fruitful meeting with Chinese President Mr Xi Jinping. We discussed a wide range of issues,’ Modi tweeted after the meeting with Xi, also the General Secretary of the ruling Communist Party of China.
‘Both sides emphasised on the need to find a solution to the Boundary Question. The Prime Minister stressed the importance of strengthening mutual trust and confidence, and maintaining peace and tranquility on the border,’ said a statement issued by the Prime Minister’s Office. Prime Minister Modi told Xi that ‘if India and China could amicably resolve the Boundary Question, it would set an example for the entire world, on peaceful conflict resolution,’ the statement added.
The two sides have held 17 rounds of the Special Representative talks aimed at resolving the boundary issue. India asserts that the border dispute covered nearly 4,057-km long Line of Actual Control, while China claims that it confined to about 2,000 km to the area of Arunachal Pradesh, which it refers as Southern Tibet.
During the meeting, Modi also suggested the addition of one more route for the Kailash-Mansarovar Yatra in Tibet, keeping in view the terrain difficulties. President Xi ‘accepted this as a suggestion for consideration,’ the statement said. The Yatra involves trekking at high altitudes of up to 19,500 feet under arduous conditions.
The two leaders appeared well prepared for the meeting as both of them referred to the statements made by the other before they assumed power, External Affairs Ministry spokesperson Syed Akbaruddin told reporters.
‘If I were to try and summarise what this meeting could be, perhaps I could do so in the sentence - ‘Baat bhi achhi hui, mulaqaat bhi achhi hui’ (They had good discussions and good meeting). That in sum and substance summarises the 80-minute meeting,’ he said.
‘It was a meeting in which president Xi said he acknowledged prime minister’s deep understanding of the bilateral relationship,’ Akbaruddin said. ‘It was a meeting in which both agreed that tomorrow when they work in the BRICS they will work together at the international forum. And it was a meeting where all aspects of bilateral relations were discussed. Therefore, I had used that term at the beginning where I said - Baat bhi achhi hui, aur mulaqaat bhi achhi hui’, he said.
The leaders of the two fastest growing economies observed that India and China had enormous opportunities to not only forge mutually beneficial partnerships, but also serve as catalytic agents of Asian and global prosperity. President Xi underscored the importance of the bilateral relationship and said: ‘When India and China meet, the whole world watches.’
Next Story
