Pak Chairs 23rd meeting of SCO ministers responsible for foreign economy, trade

Abid Raza

ISLAMABAD, SEP 12 (DNA) : Commerce Minister, Jam Kamal Khan chaired the 23rd Meeting of Ministers of the Shanghai Cooperation Organization (SCO) Member States responsible for foreign economy and trade activities on Thursday.

 Pakistan hosted this gathering in its capacity as the chair of the SCO Council of Heads of Government, the second-highest forum of the organization, said a press release issued here on Thursday.

 The ministerial meeting was preceded by the 47th Meeting of the Commission of Senior Officials (CSO) of SCO Member States on 10th and 11th September 2024, also held in Islamabad.

In his opening remarks, Jam Kamal Khan, welcomed his counterpart Ministers from the SCO fraternity to Pakistan and reiterated Pakistan’s commitment to the laudable aims and objective of the SCO to promote peace and prosperity in the region.

 While acknowledging the global economic challenges facing the region, he emphasized the vital role of the SCO in addressing these issues through cooperation and constructive engagement. To this end, he conveyed Pakistan’s strong commitment and readiness to contribute to and collaborate with all Member States to achieve our shared goals.

“Let us seize this opportunity to forge stronger partnerships, enhance regional cooperation, and pave the way for a brighter and more prosperous future for all our peoples”, he added.

In their national statements, the SCO Ministers also deliberated in detail and 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 underscored 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 strengthen trade ties within the SCO region.

 To this end, they underscored the role of the World Trade Organization (WTO) and called for strengthening a WTO-based non-discriminatory multilateral trading system. Acknowledging the worsening impact of climate change, the Statement also emphasized the importance of strengthening cooperation in accordance with UN Sustainable Development Agenda to mitigate its impact on regional economies.

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. Implementation of this Pakistani proposal will meaningfully enhance collaboration between the TPOs of SCO member States, facilitate greater trade integration and create new economic opportunities across the region.

The meeting also approved the Kazakh proposal for the creation of a Database of Economic Preferences for the SCO region, which will act as a comprehensive resource for Member States to access information on economic incentives and preferences within the bloc, fostering a more cohesive business environment.

Additionally, the meeting approved the Russian proposal on the promotion of the Creative Economy within the region, highlighting the importance of innovation-driven economic growth.

The successful conclusion of this high-level Ministerial meeting reinforces the importance of multilateral cooperation and reflects Pakistan’s leadership role in promoting economic and trade collaboration within the SCO framework.