11.6 Asian Development Bank · Part 3

and programming of sub- regional and country-specific assistance. Similar to any other bank, the ADB receives resources from its shareholders. Japan and the United States have the largest shares among the country members that amounts to . percent of shares. Shanghai Cooperation Organisation Key takeaways of the meet/Qingdao declaration ™ India refused to endorse the ambitious Chinese Belt and Road Initiative (BRI). ™ India coined SECURE strategy for comprehensive security in the SCO region. Shanghai Cooperation Organisation (SCO) ™ It is an Eurasian political, economic, and security Organisation formed in and headquartered in Beijing. ™ It owes its origin to its predecessor Shanghai Five (a multilateral forum founded by countries China, Russia, Kazakhstan, Kyrgyzstan and Tajikistan in Shanghai in ). ™ Its driving philosophy is known as the “Shanghai Spirit” which emphasizes harmony, working by consensus, respect for other cultures, non-interference in the internal affairs of others, and non- alignment. ™ SCO comprises eight-member states, India, Kazakhstan, China, Kyrgyz Republic, Pakistan, Russian, Tajikistan and Uzbekistan. ™ year meet is India’s first participation in the summit as a full-time member. India, along with Pakistan, became full-time members during the Astana summit in Kazakhstan in June . ™ Besides it has observer states and dialogue partners. ( Organisation of the Petroleum Exporting Countries (OPEC) Asian Premium ™ It is the extra charge being collected by OPEC countries from Asian countries when selling oil. ™ It has roots in the establishment of market oriented crude pricing in . ™ There are important benchmarks in global market, representing the cost of oil produced in respective geographies. Brent: Light sweet oil representative of European market West Texas Intermediate(WTI): US market Dubai/Oman: Middle East and Asian Market. ™ However, US and Europe had an advantage because their markets and prices were based on future trading and reflected every trend in the crude market. On the other hand, Asia represented by Dubai/Oman do not have any derivative trading, doesn’t have that edge. ™ Hence, price charged from Asian countries remained $ -$ dollar higher