“The significance of such a trilateral agreement should not be underestimated as the standing of the three nations is very high in global economy. Moreover, the three countries together can emerge as the biggest market on earth,” said a senior Marxist economist.

According to a recent report of the Paris-based The Organization for Economic Co-operation and Development (OECD), China is projected to surpass the Euro Area in a year or so and the United States in a few more years, to become the largest economy in the world, and India is projected to surpass Japan in the next year or two and the Euro area in about 20 years.

“The faster growth rates of China and India imply that their combined GDP will exceed that of the major seven (G7) OECD economies by around 2025, and by 2060 it will be more than 1½ times larger, whereas in 2010 China and India accounted for less than one half of G7 GDP. Strikingly, the combined GDP of these two countries will be larger than that of the entire OECD area, based on today’s membership, in 2060, while it currently amounts to only one-third of it,” the report pointed out.

“China and India will experience more than a seven-fold increase of their income per capita by 2060. The extent of the catch-up is more pronounced in China reflecting the momentum of particularly strong productivity growth and rising capital intensity over the last decade. This will bring China 25% above the current (2011) income level of the United States, while income per capita in India will reach only around half the current US level,” the report added.

Moreover, the economist said, Russia had over the presidency of the G20, the club of the world’s biggest economies that accounts for 90pc of global GDP and 80pc of world trade.

“Observers across the globe believe that Russia will use the G20 presidency to try to strengthen the BRICS group’s position in the world financial order. In fact, the trilateral agreement is urgently needed to expand the platform of BRICS to include more developing nations within it,” the economist said.

He said President Putin had already said that the main task of the Russian presidency would be to concentrate the efforts of the G20 on developing measures to stimulate economic growth and create jobs.

Russia, he observed, had not only the intention to discuss such traditional G20 themes as job creation, reform of the world monetary system and stability on global energy markets but also to propose investment financing as the basis for economic growth and job creation and modernization of national systems for state borrowing and sovereign debt management.

Political observers said President Putin had long been advocating trilateral agreement among the three nations, basically to check the advance of NATO forces.

“The unipolar world system had led to virtual hegemony by the USA and the NATO forces. We don’t want another Iraq or Afghanistan. There should be an end to the killing of innocent people in different parts of the globe in the name of fighting terrorism or restoring democracy,” a senior Marxist leader said.

There had been a need to fight terrorism but that should not lead to destruction of nations or killing of innocent people, the leader pointed out. “Destruction of Iraq is an eye opener for the world and no nation can tolerate such hegemony,” he reiterated.

However, the economist and the political leader warned against corruption, which is reported to be high in all the three countries, and called for comprehensive action to stop illicit flow of funds from these nations and developing countries to tax havens and banks in developed countries.

“Whatever the situation may be, the present global scenario gives an opportunity to the three nations to have a trilateral agreement and float a broader platform of developing nations to ward off economic crisis and restore global balance and order,” they said.

"Once the trilateral agreement is signed all bilateral issues, including border problems, can be resolved amicably through talks," they added.