Asian nations gather in Beijing to tackle economic crisis

Leading Asian nations are in Beijing to weigh up how to mutually boost their economies, as well as work out how to combat security threats in the region.

During an SCO working session on Monday morning, Vladimir Putin outlined the organization’s increasing influence on the global economy.

“Practically all states have felt the dire effects of the crisis, which spurred discussions on the matter of reforming the global financial architecture. The Shanghai Cooperation Organization can – and should – actively participate in this process, especially since it has become a recognized factor of global stability and economic collaboration,” Putin said.

Analysts say the end of the crisis is near, but still there is much caution and members of the organization have discussed how to prevent similar crises in the future.

“We need to make maximum use of the benefits and opportunities of cooperation in the period of post-crisis development,” the Prime Minister added.

Leading Asian nations have gathered in Beijing to weigh up how to mutually boost their economies, as well as work out how to combat security threats in the region.

Prime Minister Putin also suggested strengthening anti-terrorist cooperation within the member states, as well as fighting drugs trafficking.

“We need to speed up the creation of an efficient mechanism for tackling drugs trafficking,” the Russian Prime Minister said.

Observing the regional organization was Iran, Pakistan, Mongolia, and IndiaFour countries who are no less interested in the economy and security. Host China says the Shanghai Cooperation has great potential to make a difference.

“Even stones crumble in the face of a strong will. Confidence, commitment, determination, and patience are the source of our strength in fighting the crisis. I am sure that together, making constant efforts to strengthen practical cooperation among the member states, we can open the door to a brilliant future for the region where peace and prosperity will reign supreme,” said Chinese Prime Minister Wen Jiaboa.

The regional security coalition includes Russia, China, and the ex-Soviet republics of Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. All are strategically located, together building a bridge between Europe and Asia. Most of the member states are relatively close to the border with Afghanistan. India, Iran, Mongolia and Pakistan will attend the summit as observer members.

Andrey Korneev from the Institute of Asian and African Studies says the SCO group can influence regional stability by strengthening partnership, especially when it comes to the situation in Iran and Afghanistan.

“In this period of crisis, stability can be at risk. So, leaders of the SCO countries will strengthen their cooperation. And they will not only look at Iran but they will also be considering what to do in respect with Afghanistan and Pakistan,” Korneev told RT.