Islamabad (TDI): The 23rd Meeting of Ministers of the Shanghai Cooperation Organization (SCO) Member States Responsible for Foreign Economic and Trade Activities was presided over by Mr. Jam Kamal Khan, Pakistan’s Minister of Commerce, in Islamabad today.
As the Chair of the SCO Council of Heads of Government, the second-highest forum within the organization, Pakistan hosted this important meeting.
The Commission of Senior Officials (CSO) of the SCO Member States convened its 47th Meeting on September 10 and 11, 2024, in Islamabad, ahead of the Ministerial meeting.
The SCO’s noble goals and mission of promoting peace and development in the area were reaffirmed by Mr. Jam Kamal Khan in his introductory remarks, which also welcomed his colleague Ministers from the SCO community to Pakistan.
Although he acknowledged the region’s current state of global economic difficulties, he underlined the SCO’s critical role in resolving these problems by collaboration and positive interaction.
To accomplish our common objectives, he effectively communicated Pakistan’s steadfast dedication and willingness to cooperate and contribute to all Member States.
He continued, “Let us take advantage of this chance to strengthen our bonds, advance regional cooperation, and open the door for a better and more prosperous future for all of our peoples.”
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The SCO Ministers discussed in-depth potential directions and steps to strengthen trade and economic cooperation among SCO member nations in their national statements.
The Ministerial Statement approved by the Meeting succinctly encapsulated the collective view of the SCO Ministers on these topics, emphasizing the significance of fair trade practices and the goal of sustainability in economic development, among other things.
Stronger trade relations within the SCO region, innovation and cooperation in digital technologies, and opposing protectionist trade policies were all highlighted in the Statement.
In doing so, they emphasized the importance of the World Trade Organization (WTO) and urged the development of a non-discriminatory multilateral trading system centered on the WTO.
In addition to acknowledging that climate change is having an increasingly negative impact on regional economy, the statement stressed the need for more cooperation in line with the UN Sustainable Development Agenda.
The adoption of Pakistan’s proposal on cooperation between the Trade Promotion Organizations (TPOs) of the SCO Region was one of the meeting’s main results.
The execution of this Pakistani plan will significantly improve cooperation amongst the TPOs of SCO member nations, promote increased trade integration, and open up new business opportunities in the region.
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A more cohesive business environment will be promoted by the meeting’s approval of the Kazakh proposal to create a Database of Economic Preferences for the SCO region.
This database will serve as a comprehensive resource for Member States to obtain information on economic incentives and preferences within the bloc.
Furthermore, recognizing the significance of innovation-driven economic growth, the Ministerial meeting endorsed the Russian proposal on promoting the Creative Economy within the region.
The fact that this high-level ministerial meeting ended successfully highlights the value of multilateral cooperation and highlights Pakistan’s leadership in fostering trade and economic cooperation within the framework of the Shanghai Cooperation Organization (SCO).
