Pakistan’s economic collaboration with the Shanghai Cooperation Organization (SCO) is set to grow, with discussions on trade, infrastructure, and digital economy during a meeting between Minister Jam Kamal Khan and the SCO Secretary General Nurlan Yermekbayev.
In response to inquiries by the Political Uprise News team, the SCO Secretariat elaborated on the details of these discussions and highlighted the growing role of Pakistan in the region’s economic agenda. The meeting marked a pivotal moment for Pakistan, which has been an active member of the SCO since 2017, particularly in promoting cooperation across vital sectors like trade, investment, energy, and the digital economy.
A range of forward-looking initiatives were discussed that could potentially reshape regional economic dynamics in the coming years.
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The meeting emphasized several vital areas of economic cooperation under the SCO framework. These include a strong focus on fostering investment, strengthening the digital economy, and advancing industry within the region.
Pakistan’s significant contribution to SCO’s economic agenda was underscored, with particular mention of the country’s successful chairmanship of the Council of Heads of Government (Prime Ministers) and the Conference of Ministers Responsible for Foreign Economic and Foreign Trade Activities during 2023-2024.
A core theme of the discussion was the encouragement of SCO’s private sector to develop favorable conditions for business and investment. The two sides also discussed the need for a financial support mechanism to ensure the success of SCO activities and to achieve practical outcomes in the economic sector.
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Pakistan has actively advocated for cooperation on infrastructure development under the SCO, especially since its accession to the organization. The key areas of focus for Pakistan include transport, energy, and digital infrastructure.
The country’s engagement in these projects will further bolster regional connectivity and economic integration, providing mutual benefits for SCO members.
A particularly significant initiative discussed during the meeting was the newly announced SCO Trade Information Platform. The platform is expected to streamline trade processes and provide essential data to businesses within the SCO region.
The Secretary General highlighted that the platform’s launch will facilitate smoother trade flows and contribute to creating a more integrated and efficient regional market.
Additionally, the SCO has already seen successful projects like the China-SCO Regional Trade and Economic Cooperation Demonstration Zone in Qingdao and the Demonstration Base for the Exchange and Training of Agricultural Technologies in Tangling. These pilot projects set a precedent, with future plans to expand such initiatives across other SCO member states.
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Looking ahead, the SCO Finance Ministers’ Meeting scheduled for next year will concentrate on advancing the creation of an SCO financial institution. The discussions will focus on forming concrete decisions around proposed structures like a bank, development bank, special account, or investment fund, all aimed at further solidifying the organization’s financial integration.
The upcoming meeting will be crucial in determining the financial architecture of the SCO, and Pakistan is expected to play a key role in shaping the outcome of these discussions.
The SCO Business Entrepreneurs Council, which plays a central role in facilitating business ties within the region, will also see significant restructuring. The Secretary General Nurlan Yermekbayev proposed expanding the council’s membership to include business entities from various sectors beyond the current inclusion of Chambers of Commerce and Industry representatives. This expansion aims to foster closer collaboration between businesses and enhance trade relations across the SCO member states.
Pakistan’s contribution to this initiative is expected to be crucial as it has long advocated for stronger business linkages between member countries, particularly in the fields of technology, agriculture, and manufacturing.
Pakistan’s involvement in SCO’s economic agenda has been instrumental in advancing the organization’s collaborative goals. In 2023-2024, Pakistan led the Council of Heads of Government meeting and the Conference of Ministers Responsible for Foreign Economic and Foreign Trade Activities. During these events, Pakistan proposed and helped adopt documents on creative economy development, trade promotion, and the creation of an economic preferences base within the SCO.
Moreover, Pakistan initiated the Special Working Group on Poverty Reduction, underscoring its commitment to addressing economic challenges not just within the SCO but across the broader region.
In a landmark decision, the concept of a “New Economic Dialogue” within the SCO was approved during the last Council of Heads of Government meeting.
This initiative aims to enhance interaction between member states, improve the efficiency of existing cooperation mechanisms, and create new platforms for business engagement. This dialogue is expected to pave the way for deeper economic ties between SCO nations, enhancing mutual prosperity.
The SCO Secretariat emphasized that Pakistan plays a critical role in enriching the economic agenda of the organization. The successful chairmanship of key SCO meetings, particularly in 2023-2024, was highlighted, along with Pakistan’s strong push for trade promotion and sustainable economic cooperation within the SCO framework.
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With these developments, Pakistan is set to continue its proactive role in shaping the future of regional economic cooperation under the SCO framework. As the organization progresses with its initiatives in trade, finance, and infrastructure, Pakistan’s contributions will remain vital in fostering sustainable and mutually beneficial economic ties within the region.
As the SCO gears up for key meetings and decisions in the coming months, the successful implementation of these projects and initiatives will further integrate Pakistan’s economy with its regional counterparts, bolstering the country’s position as a key player in the evolving global economic landscape.
