International   

Putin slams “economic egoism”

MOSCOW: Russia’s Prime Minister Vladimir Putin on Thursday called for redesigning the global financial architecture to ensure stability and prosperity for the world economy.

“The world has entered a momentous transition towards a multi-polar financial and economic system,” said Mr. Putin at a meeting of the Shanghai Cooperation Organisation (SCO) at the level of Prime Ministers in Kazakhstan’s capital Astana on Thursday.

Hitting out at “monopolism in global finances” and “economic egoism,” Mr. Putin declared that Russia would work to “reform the global financial architecture to ensure effective stability, prosperity and progress in the world.”

The Prime Ministers of the SCO countries — Russia, China, Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan — agreed to deepen cooperation in all fields in the face of the global crisis.

The SCO heads of government amended the organisation’s plan for trade and economic cooperation to give greater priority to joint investment projects in infrastructure, energy, transport and high technologies.

Iran, which has observer status in the SCO along with India, Pakistan and Mongolia, applied to join the SCO Banking Consortium to lower trade costs.

Iran’s First Vice-President Parviz Davoudi also proposed setting up a joint bank among the SCO members and observer states to edge closer to the ultimate goal of establishing “an independent financial system.”

Union Minister of Power Sushilkumar Shinde represented India at the SCO meeting.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

U.S. raid in Syria snowballs into crisis
Sri Lanka wrests control of Nachchikuda
Putin slams “economic egoism”
Obama fears his ‘white-half’
China launches Venezuela’s satellite
Turn your clock back, avoid heart attacks
Narayanan meets Oman ruler

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu