Islamabad: The Commerce Minister of Pakistan, Mr. Jam Kamal Khan, chaired the 23rd Meeting of Ministers of the Shanghai Cooperation Organization (SCO) Member States responsible for Foreign Economic and Trade Activities today. The meeting, which is part of Pakistan’s role as the Chair of the SCO Council of Heads of Government, focused on enhancing economic and trade cooperation among member states amidst global economic challenges.
According to Press Information Department, the Ministerial meeting was the culmination of discussions that began during the 47th Meeting of the Commission of Senior Officials (CSO) of SCO Member States, which took place on the 10th and 11th of September 2024 in Islamabad. In his opening address, Mr. Jam Kamal Khan emphasized the importance of cooperation and constructive engagement within the SCO to address regional and global economic challenges. He expressed Pakistan’s readiness to collaborate with member states to promote peace and prosperity in the region.
During the meeting, SCO Ministers discussed various strategies to deepen economic and trade ties, focusing on fair-trade practices, sustainability in economic development, and innovation in digital technologies. The Ministers agreed on the importance of a WTO-based, non-discriminatory multilateral trading system, and highlighted the necessity of adapting to the adverse effects of climate change in line with the UN Sustainable Development Agenda.
Significant proposals were adopted during the meeting, including a Pakistani initiative to enhance cooperation between Trade Promotion Organizations (TPOs) of the SCO region. This proposal aims to facilitate greater trade integration and create new economic opportunities. Additionally, a Kazakh proposal for the creation of a Database of Economic Preferences for the SCO region was approved, which will provide comprehensive information on economic incentives and preferences within the bloc. Furthermore, the meeting endorsed a Russian proposal to promote the Creative Economy, underscoring the role of innovation in economic growth.
The successful conclusion of this ministerial meeting underscores the pivotal role of Pakistan in steering economic and trade discussions within the SCO and highlights the organization’s commitment to multilateral cooperation and regional development.