SCO to boost Eurasian trade ties

ISLAMABAD:

The Shanghai Cooperation Organization (SCO) summit in Islamabad provides a unique opportunity to its member states to take advantage of Pakistan's vital geographical link in Eurasian connectivity for bolstering regional trade and investment for mutual benefit.

The gathering of the top leadership of SCO member states has not only allowed Pakistan to strengthen its bilateral and economic ties with the regional powers but also positions the country as an essential player in the broader Eurasian connectivity initiative.

The country's Karachi and Gwadar ports, airports and motorways offer great opportunities for SCO states, especially the Central Asian Republics.

As the summit unfolds in Islamabad, the focus is mainly on fostering regional peace, security and prosperity through enhanced diplomatic and economic collaboration.

Providing a pivotal moment for Pakistan to elevate its economic and geopolitical aspirations on an international stage besides highlighting its principled stand on regional issues, experts say the SCO summit would open gates of investment for Pakistan.

Established in 2001, the SCO now comprises nine member states, including founding members China and Russia, alongside members such as Pakistan, India and Iran, which joined in 2017.

Professor Dr Adnan Sarwar Khan, former chairman of the International Relations Department at the University of Peshawar, highlighted the summit's potential to bring about economic prosperity and foreign investment besides its diplomatic importance.

He said Pakistan carried a unique strategic geographical location in South Asia vital from a trade, business and investment point of view, adding that the summit provided an unparalleled opportunity for the nation to position itself at the heart of regional connectivity.

Professor Dr AH Hilali, former chairman of the Political Science Department at the University of Peshawar, underscored the SCO's role as a significant diplomatic platform that could reshape not just regional dynamics but economic cooperation by supporting both developing countries and global relations.

"Discussions on trade, regional connectivity, environmental concerns, and security challenges at SCO are vital for the stability of the region," he remarked.

Dr Naeem Khattak, former chairman of the Economics Department at the University of Peshawar, highlighted the economic ramifications of hosting the SCO summit. "This event apparently marks a significant shift in Pakistan's approach from a geo-strategic focus to a geo-economic one," he explained, emphasizing the importance of enhancing connectivity with Central Asia.

With bilateral trade between Pakistan and China nearing $20 billion, the integration of Central Asian resources through enhanced connectivity could yield substantial benefits for all parties involved.

The Khyber Pass Economic Corridor (KPEC) project connecting Peshawar with Afghanistan has been approved which, after completion, would help accelerate the pace of economic development and bolster industrialization which would benefit the entire region.