02/11/2023

The trade turnover in 2022 between the member states of the Shanghai Cooperation Organization (SCO) approached $500 billion. This was stated by the SCO Secretary General Zhang Ming.

"Cooperation in a number of topical areas has received a new impetus due to the new challenges facing us in the field of energy and food security, the rupture of traditional production and supply chains," the SCO Secretary General stressed. 

In addition, Kazakhstan called on the SCO to develop new approaches in the transport sector. According to the Prime Minister of Kazakhstan Alikhan Smailov, the further expansion of trade relations in the association will be helped by the development of electronic commerce, simplification of customs procedures, an increase in the share of national currencies in mutual settlements, as well as the creation of a platform for development institutions and investment funds.

"The current agreement on international road cargo transportation in the SCO space is not working in full force. I propose to instruct the Ministries of Transport to develop new optimal approaches, taking into account the international routes available in the region. In our opinion, the creation of partner ports and logistics centers can give an additional impetus to this process," the Prime Minister said.

And Russian Prime Minister Mikhail Mishustin proposed to work out an international agreement that allows using the common transit potential in the SCO.

"We should also think about forming an independent regional payment and settlement mechanism and ensuring the conversion of our currencies on national exchanges," the head of the Russian Cabinet of Ministers stressed.

According to the Premier of the State Council of China Li Qiang, the organization's states need to resist the interference of external forces in their affairs and improve the mechanism for responding to threats and challenges to stability.

During the meeting, the heads of government signed 14 documents. Among them is a joint communique in which the members of the association supported Kazakhstan's chairmanship in the SCO, building a fair economy and expanding the practice of using national currencies, as well as the creation and development of new transport corridors.