Shanghai Cooperation Organisation (SCO) Logo
Shanghai Cooperation Organisation (SCO) Logo

SCO to support cooperation in fair trade, investment

ANI | Updated: Jun 10, 2018 22:28 IST

New Delhi [India], Jun 10 (ANI): The member states of the Shanghai Cooperation Organisation (SCO) have supported the need of creating favourable conditions for trade and investment in order to gradually introduce free movement of goods, capitals, services and technologies.
The SCO members are - India, Pakistan, China, Uzbekistan, Kazakhstan, Russia, Tajikistan and Kyrgyzstan.
As per the Qingdao Declaration, the SCO members believe that the development of the services industry and trade, the support of microbusiness, as well as small and medium-sized business and stimulation of e-trade within the SCO, are very important for the development of the economy, and the growth of employment and prosperity of the population.
The member states stand for the further development of a legal and contractual basis in these areas.
They also confirm their adherence to the central role of the UN in promoting the implementation of the global agenda for sustainable development, and urge the developed countries, in accordance with the obligations assumed earlier, to provide financial and technical assistance to the developing countries and help them boost their potential.
The member states emphasised the importance of deepening regional economic cooperation in order to ensure their sustainable social and economic development, including through the use of the potential of the United Nations Economic and Social Commission for Asia and the Pacific in the key areas of its activity, including transport, energy, trade and IT.
They stressed the need to implement the relevant SCO documents aimed at developing regional economic cooperation.
The SCO states noted the importance of cooperation between the scientific, research and analytical centres of the respective member states on economic issues.
The member states are in favour of further strengthening practical cooperation in banking and finance, including for the purpose of studying the prospects of expanding the use of national currencies in trade and investment. They noted the relevance of boosting exchanges in financial control and management, interaction in the balanced macroeconomic governance and control over financial agencies in order to provide easy access and fair conditions for financial structures and service networks.
In order to finance the implementation of joint SCO projects, the SCO members are boosting interaction within multilateral banking and financial organisations operating in the region, including the SCO Interbank Consortium, the Asian Infrastructure Investment Bank, the New Development Bank, the Silk Road Fund, the China-Eurasia Economic Development Fund and others.
The member states will continue to look for common approaches to creating the SCO Development Bank and the SCO Development Fund, and noted the importance of promoting multilateral cooperation in transportation and increasing the transit and communications potential of the region, including by building new and upgrading existing sections of international transport routes, by developing road and rail systems, including fast highways, by creating multimodal logistics centres, by introducing cutting-edge and innovation technology, by simplifying and enhancing the standards of automation in border, customs, sanitary and other systems used to control the movement of goods across the member states' borders, and also by implementing joint infrastructure projects.
The SCO members pointed out the potential of coordinating international, regional and national development projects and strategies for stimulating cooperation in the interests of economic development based on the principles of respect, equality and mutual benefit, for encouraging investment and transport ties, promoting energy cooperation, strengthening the agricultural industry, introducing innovation and ensuring employment in the SCO space.
Reaffirming their support for the Belt and Road Initiative (BRI) of the People's Republic of China, the Republic of Kazakhstan, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan, the member states express appreciation for the joint efforts taken towards its implementation, including efforts to coordinate the development of the Eurasian Economic Union and the BRI and call for using the potential of the regional countries, international organisations and multilateral associations to create a broad, open, mutually beneficial and equal partnership in the SCO space.
The member states emphasised the importance of promoting and deepening mutually beneficial cooperation and the exchange of knowledge, information and best practices in the area of information and communication technology, including digital technology, to the benefit of the economic and social development of the SCO member states.
Keeping in mind the importance of preserving an environmental balance in the SCO space and restoring biodiversity in the interests of future generations, and creating favourable conditions for people's lives and sustainable development, the SCO members have adopted the concept for SCO member states' Cooperation in environmental protection.
The member states noted corruption, as a threat to national and regional security, in all its forms and manifestations leads to less effective public administration, adversely affects investment appeal and hampers socioeconomic progress. They express their intention to develop comprehensive international cooperation in anti-corruption activities, including through the sharing of experience and information. (ANI)