Prime Minister all set to attend BRIC summit and SCO in Russia

New Delhi, June 12 (ANI): Prime Minister Manmohan Singh's next week visit to Russian City of Yeketerinburg will be his first foreign assignment since his re-election as Indian Premier.

During his three-day visit to the Russian city, Dr. Singh will be attending BRIC (Brazil, Russia, India, China) summit and the Shanghai Cooperation Organization (SCO).

This is the first BRIC summit where the Premiers of four fastest growing economies will converge.

Global financial crisis and its implication on the world, Progress on the G-20 summit and Climate change are expected to be the key issues which would be discussed in the summit.

Although no tangible agreements are expected to be signed in the summit, there will be important discussions.

"There is value in leaders discussing Financial crisis, there is value on the exchange, regional economic cooperation is expected to be the main component," said Foreign Secretary Shiv Shankar Menon to media person in the capital on Friday.

BRIC nations constitute 40 per cent of the world population and same percentage of the global Gross Domestic Product (GDP). Its combined economic strength is 29.5 percent.

BRIC nations have an overlapping agenda and have been able to form consensus on key issues like defeating terror in Afghanistan and restructuring of International institutions like the IMF and World Bank.

When asked that many commentators view this grouping as a 'US-bashing forum', the Indian Foreign Secretary rejected such kind of categorisation, saying it's not against anyone.America bashing is an extreme word, there is no reason to categorize BRIC as US-bashing. These are world's four fastest growing economies coming together to play a positive and constructive role. And, it's not directed against anyone."

The National Security Adviser, Principal Secretary and also the Foreign Secretary will accompany Prime Minister Dr. Singh during his Russian visit.

It is also for the first time that India is participating in the SCO at the Prime Minister level.

India, which is along with Iran and Pakistan is an observer, termed it an important summit and is satisfied the way Russia, which is presently heading the group, has structured the summit.

On the margins of SCO and BRIC Indian Premier is also expected to have one to one meetings with Chinese President Hu Jintao and Pakistani President Asif Ali Zardari. By Naveen Kapoor (ANI)