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SCO discusses economic cooperation

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AT-BEIJING:  Heads of the Shanghai Cooperation Organization (SCO) member states emphasized on stronger economic growth in the SCO territory.

Chief Executive Officer (CEO) Abdullah Abdullah has represented Afghanistan in the SCO summit where he already held separate meetings with Indian, Chinese and Russian leaders and emphasized on exploiting regional economic opportunities and developing a joint strategy to deal with security threats.

The SCO members also talked about improvement of well-being of states peoples and resolution of the tasks of multilateral cooperation in trade and economy in the framework of the organization.

They also held discussion on promotion of regional economic interaction, including the project of China to create Silk Road Economic Belt.

They termed regional economic interaction has a great importance for further improvement of well-being of the peoples of the SCO countries and stable socio-economic development of the SCO member states.

SCO states members believe that with low restoration rate of the world economy development of regional economic interaction and partnership supports the search for new models of international cooperation and global governance.

They also said that gradual progress of this process is a positive factor in the cause of strengthening ties of partnership between states, increasing the volume of investment and consumption, expanding demands and employment, and ultimately securing multi-dimensional, balanced and stable self-sufficient growth.

The members also reaffirmed their support for the initiative of People’s Republic of China to create Silk Road Economic Belt, which is in line with goals of development of the SCO.

They also termed necessary to use existing progress and institutions of economic cooperation in the SCO.

Proceeding from priorities of such fields as infrastructure building and production investment member states will expand bilateral and multilateral cooperation in trade and economy, together promote processes of industrialization and modernization in the region.

Taking into account the SCO Development Strategy 2025 special attention is paid to development of Action Plan for Further Development of Project Activities within the Framework of the Organization for 2017-2021 in view of further expansion of mutually beneficial cooperation on the issues of common interest, which will promote stable socio-economic development of the SCO member states and improve the well-being of their peoples.

Members also believe that to develop regional economic cooperation it is important to promote multilateral cooperation in the sphere of transportation and forming of international transportation routes, implement joint infrastructure projects in common interest.

According to them it provide greater transportation and communication capabilities and tapping transit potential of the region, development of railroad transport, including high-speed routes, creation of multi-modal logistics centers, introduction of advanced and innovative technologies on transport.

They also sought for increase in volume of mutual trade in goods and services, as well as improvement of its quality via diversification of goods structure, develop interaction in the field of e-trade.

They stressed on promotion of creation of beneficial investment climate in the region in the field of industrialization, in relevant conditions create industrial parks or zones of economic cooperation in the territories of member states. To improve ties between enterprises for joint introduction of advanced technologies and jobs creation in the region was also discussed.

They also shed light on cooperation and forming of close trade, investment, scientific and technological ties in high-tech fields, such as information technologies, medical and education services, e-trade and energy efficiency, ensuring efficient protection of intellectual property rights including prevention, exposure and suppression of import and export of counterfeit goods.

Promotion of financial cooperation in the framework of the SCO via creation of mechanisms of financial clearing for project activities was another important issue where they talked on.

Carry out currency swaps in the interest of upholding stability at the financial market they also said that they work together to prevent regional financial risks. They would use the capabilities of banking and investment structures to finance economic projects in the SCO space.

They are convinced to joint work of the SCO member states in close cooperation with observers and dialogue partners with the SCO, which includes implementation of the Silk Road Economic Belt initiative, based on principles of transparency, mutual respect, equality, openness for all interested parties, will facilitate gradual stable economic growth in the interest of keeping and supporting peace and stability in the region.