The 23rd meeting of the Shanghai Cooperation Organisation (SCO) ministers commenced on September 12, with a focus on enhancing regional cooperation in trade, sustainable development, and connectivity among member nations.
Pakistan hosted the 23rd meeting of ministers of SCO member states responsible for foreign, economic, and trade activities in Islamabad. The meeting, chaired by Pakistan’s Commerce Minister Jam Kamal, marked the country’s leadership as chair of the SCO Council of Heads of Government, the organization’s second-highest forum.
Who attended the SCO trade ministers’ summit?
The ministers or deputy ministers of Tajikistan, Uzbekistan, Belarus, Iran, the Kyrgyz Republic, China and Russia, attended the summit in Islamabad. Those who attended the conference virtually included the Indian vice-minister of commerce and industry and Kazakhstan’s vice-minister of national economy.
Representatives from seven nations gathered in Islamabad, with Belarus welcomed as a new member of the SCO.
Founded in 2001, the SCO is a major trans-regional organization with China, Russia, Pakistan, India, Uzbekistan, Tajikistan, Kyrgyzstan and Kazakhstan as its permanent members. The SCO member states collectively represent nearly half of the world’s population and a quarter of global economic output.
Pakistan keen to explore trade avenues among SCO members
Commerce Minister Jam Kamal said Pakistan was keen to explore trade avenues among the Shanghai Cooperation Organization (SCO) member countries, highlighting Pakistan’s geographical location as a natural hub for trade and investment collaboration.
He said the SCO region has high potential for trade and we are actively working on modernizing our infrastructure, improving regulatory frameworks, and developing an environment conducive to business. “SCO Region is home to some of the world’s fastest-growing economies and a significant portion of the global population as it presents immense political potential for trade and economic collaboration,” he added.
Pakistan is hosting the meetings as the current chair of the SCO Council of Heads of Government, the second highest SCO forum that deals with all economic, trade, social, cultural and humanitarian issues as well as the personnel and budgetary matters of the organization.
With its strategic geographical location and growing trade potential, Pakistan aims to use its role as host and chair to facilitate regional commerce and trade partnerships, benefiting the people of SCO member countries.
SCO ministerial statement
The 23rd ministerial meeting saw the endorsement of three major initiatives — launched by Pakistan, Kazakhstan and Russia — to encourage deeper cooperation among member countries.
In their national statements, the SCO Ministers shared their views on the prospects and measures to deepen the economic and trade cooperation among SCO countries. The collective vision of the SCO Ministers on these issues was articulately summarized in the Ministerial Statement adopted by the Meeting, which inter alia underscores the importance of fair trade practices and the pursuit of sustainability in economic development.
“The statement also emphasized the need to counter the protectionist trade measures, promote innovation and cooperation in digital technologies as well as to strengthen trade ties within the SCO region,” the ministry said, adding that to this end, members underscored the role of the World Trade Organization (WTO) and called for strengthening a WTO-based, non-discriminatory multilateral trading system.
“One of the key outcomes of the meeting was the approval of the Pakistani proposal on cooperation between the Trade Promotion Organizations (TPOs) of the SCO region.”
“Deliberations and outcome of this Ministerial meeting will be discussed and approved during the upcoming meeting of Council of Heads of Government scheduled to take place on 15-16 October 2024 in Islamabad,” according to a statement from the commerce ministry.
It is important to strengthen trade and economic ties within this framework to address shared challenges and unlock the region’s vast economic opportunities, the statement said.
The ministerial meeting follows a series of preparatory sessions held by the Commission of Senior Officials (CSO) of the SCO, which concluded on September 10-11. Pakistan, as the current chair of the SCO Council of Heads of Government (CHG), is hosting the meetings.
This council addresses economic, trade, social, cultural, and humanitarian issues, as well as personnel and budgetary matters within the SCO framework.
The SCO, representing nearly half of the global population and a significant portion of the world’s GDP, plays a vital role in promoting regional economic cooperation.