SCO calls for countering protectionist measures
Ministers of the Shanghai Cooperation Organisation (SCO) member states have emphasised the need for countering the protectionist trade measures, promoting innovation and cooperation in digital technologies as well as strengthening trade ties within the SCO region.
According to a statement issued on Thursday after the 23rd meeting of the ministers of SCO member states responsible for foreign economic and trade activities, they underscored the role of World Trade Organisation (WTO) and called for strengthening a WTO-based non-discriminatory multilateral trading system.
Acknowledging the worsening impact of climate change, the statement called for strengthening cooperation in accordance with the UN Sustainable Development Agenda to mitigate its impact on regional economies. One of the key outcomes of the meeting was the approval of Pakistan's proposal on cooperation between the trade promotion organisations (TPOs) of the SCO region.
"Implementation of the Pakistani proposal will enhance collaboration between the TPOs of SCO member states, facilitate greater trade integration and create new economic opportunities across the region," it said.
The meeting also approved the Kazakhstan's proposal for creating a database of economic preferences for the SCO region, which would act as a comprehensive resource for member states to access information about economic incentives and preferences within the bloc, fostering a more cohesive business environment. Additionally, the ministerial meeting approved the Russian proposal for the promotion of creative economy within the region, highlighting the importance of innovation-driven economic growth.
Pakistan hosted the gathering in its capacity as the chair of the SCO Council of Heads of Government.
Commerce Minister Jam Kamal Khan, who chaired the meeting of ministers of the SCO region, reiterated Pakistan's commitment to the aims and objective of the organisation to promote peace and prosperity in the region. While acknowledging the global economic challenges facing the region, he emphasised the vital role of the SCO in addressing those issues through cooperation and constructive engagement.