Islamabad (TDI): The Shanghai Cooperation Organization (SCO) member states have agreed to initiate economic dialogue and intensify consultations on the establishment of the SCO development bank, the SCO development fund, and the SCO investment fund, according to a joint declaration.
The joint communique was issued after the SCO summit, chaired by Prime Minister Shehbaz Sharif, concluded today in Islamabad.
After the joint declaration, Deputy Prime Minister and Foreign Minister Ishaq Dar and Secretary General SCO, Zhang Ming also addressed a joint presser.
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The 23rd meeting of the Council of Heads of Government of the Shanghai Cooperation Organization (SCO) was held at the Jinnah Convention Centre, Islamabad on October 15 and 16.
Leaders from member states, including China’s Premier of the State Council Li Qiang, Prime Minister of Belarus Roman Golovchenko, Prime Minister of Kazakhstan Olzhas Bektenov, Russian Prime Minister Mikhail Mishustin, Tajik Prime Minister Kohir Rasulzoda, Uzbek Prime Minister Abdulla Aripov, Kyrgyzstan’s Chairman of Ministers’ Cabinet Zhaparov Akylbek, Trade Minister of Iran Seyyed Mohammad Atabek, and Indian External Affairs Minister Subrahmanyam Jaishankar, attended the meeting.
The joint declaration highlighted the tectonic shifts in the economy driven by technology and digital advancements. It expressed concerns over “protectionist measures disrupting global trade” and called for a united stand against unilateral sanctions.
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The SCO members reaffirmed their commitment to a peaceful, multi-polar world, advocating for respect towards each nation’s sovereignty and development path. They called for enhancing the WTO’s framework to ensure fair trade practices, opposing any form of trade restrictions that hinder global development.
China’s Belt and Road Initiative (BRI) received strong support, with members discussing the integration of this project with the Eurasian Economic Union.
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The SCO leaders also discussed environmental cooperation and reaffirmed commitments for sustainable development, tackling climate change, and promoting green technologies.
The member states also lauded Pakistan for successfully hosting the 23rd SCO meeting. They also felicitated Russia for assuming the chairmanship for the 2025 gathering.
