When world leaders gather at the SCO summit — first formed in 2001 with China, Russia and Central Asian countries as member states — vital economic issues will also be addressed. Other important meetings are taking place on the sidelines of the SCO, including the first BRIC summit.  The BRIC states, comprising China, Russia, Brazil and India, are meeting to devise a bigger role in international financial order, that has at present been dominated by the US and Japan. There are rumours that e three BRIC states, Brazil, China and Russia, are expected to shift some $70 billion in reserves to the IMF debt fund. The global food crisis is also a high priority agenda for the upcoming summit.

Besides, the recent build-up of tension over North Korea’s threats of a nuclear offensive, following international sanctions, a possible face-to-face between the Indian Prime Minister Manmohan Singh and Pakistan President Asif Zardari, the first after the Mumbai attacks of last year, is also high on the list. Though both countries hope to resume dialogue, India has reiterated its demand that Pakistan take concrete steps to dismantle terrorist groups and prosecute the perpetrators of the attack. As for Afghanistan, Russia is expected to announce plans of greater involvement in restoring its economy, besides increasing the level of political consultation with the Afghan government. Though Russia-Iran talks were a crucial part of the regional discussions on Afghanistan, the rumoured cancellation of Iranian President Mahmoud Ahmadinejad’s visit may impede development on that front for the time being. However, Afghanistan, Pakistan and India, as observer states, are expected to be heavily involved in these talks. Russia, is also being urged by the United States to play a more proactive role in stabilising Afghanistan, has been active on another front for some time. Averse to US and NATO military presence in Central Asia, it has been pushing to develop its regional alliances not only in the economic sphere but, more significantly, the political and security spheres too. China’s take on US/NATO role in the region is likely to be the same as Russia’s.

In short, China and Russia’s position on North Korea, regional security cooperation and the economic front will be important indicators of the mindset of the regional big powers. It is hoped that the ensuing consensus is mindful of the fragile balance that exists between the West and the East and works towards developing both inter and intra-regional cooperation, in keeping with mutual interests and shared security concerns.