News:The Shanghai Cooperation Organization(SCO) has organized the Eurasian Economic Union meeting.
Facts:
About the meeting:
- India had skipped the meeting as the event was organized to discuss and deliberate upon China’s Belt and Road Initiative.
- The meeting had also promoted the revival of the ancient Great Silk Road in Eurasia in a new, modern format.
China’s Belt and Road initiative:
- Belt and Road Initiative (BRI) is an ambitious programme to connect Asia with Africa and Europe via land and maritime networks along six corridors.
- The initiative aims at improving (a) regional integration, (b) increasing trade and (c) stimulating economic growth.
- India has repeatedly opposed the BRI.The main reason for India’s opposition to the BRI is the (China-Pakistan Economic Corridor) CPEC which is a flagship programme of the BRI.
- The CPEC passes through Pakistan-Occupied Kashmir (Gilgit-Baltistan). As both India and Pakistan claim all of Kashmir,the area is considered a disputed territory by India.
Ancient Silk Road:
- The Ancient Silk Road or Silk Route was an ancient network of trade routes that were central to cultural interaction through regions of the Asian continent connecting the West and East from China to the Mediterranean Sea.
Additional information:
About Eurasian Economic Union (EAEU)
- The Eurasian Economic Union is an international organization for regional economic integration that came into existence on 1st January 2015.
- The member states of the Eurasian Economic Union are (a)Armenia (b)Belarus (c)Kazakhstan (d)Kyrgyz Republic and (e)Russian Federation.
- The EAEU provides for free movement of goods, services, capital, and labour within its borders.
- It pursues, coordinates, & harmonizes the policies in the sectors determined by the treaty and international agreements within the Union.
Shanghai Cooperation Organisation(SCO):
- The Shanghai Cooperation Organisation(SCO) also known as the Shanghai Pact is a Eurasian political, economic, and military organisation.
- Prior to the creation of SCO in 2001,Kazakhstan, China, Kyrgyzstan, Russia and Tajikistan were members of the Shanghai Five.
- Following the accession of Uzbekistan to the organisation in 2001, the Shanghai Five was renamed to SCO.
- India and Pakistan became members in 2017.
