Islamabad: Jam Kamal Khan welcomed his ministerial counterparts from the SCO fraternity in Pakistan and reiterated Pakistan’s commitment to the laudable goals and objectives of the SCO to promote peace and prosperity in the region.
To this end, he expressed Pakistan’s strong commitment and readiness to contribute and cooperate with all member states to achieve our common goals. “Let us use this opportunity to forge stronger partnerships, strengthen regional cooperation and pave the way for a brighter and more prosperous future for all our nations,” he added.
The Minister of Commerce of Pakistan Mr. Jam Kamal Khan presided over the 23rd meeting of Ministers of the Shanghai Cooperation Organization (SCO) member states responsible for foreign economic and trade activities. Pakistan hosted this important gathering in its capacity as the Chairman of the Council of Heads of Government of the SCO, the organization’s second highest forum.
The ministerial meeting was preceded by the 47th meeting of the Commission of Senior Officials (CSO) of the SCO Member States on 10-11 September 2024, also held in Islamabad. The SCO ministers also discussed in detail and shared their views on the prospects and measures for deepening economic and trade cooperation among the SCO countries.
The collective vision of SCO ministers on these issues was succinctly summarized in a ministerial statement adopted at the meeting, which, among other things, emphasizes the importance of fair trade practices and sustainability efforts in economic development. The statement also emphasized the need to fight protectionist trade measures, promote innovation and cooperation in digital technologies, as well as strengthen trade ties within the SCO region.
To this end, they emphasized the role of the World Trade Organization (WTO) and called for the strengthening of a non-discriminatory multilateral trading system based on the WTO. The statement acknowledged the worsening impact of climate change and also highlighted the importance of strengthening cooperation in line with the UN Sustainable Development Agenda to mitigate its impact on regional economies.
One of the key outcomes of the meeting was the approval of Pakistan’s proposal for cooperation between Trade Promotion Organizations (TPOs) of the SCO region. The implementation of this Pakistani proposal will significantly enhance cooperation among TPOs of SCO member states, facilitate greater trade integration and create new economic opportunities throughout the region.
The meeting also approved a Kazakh proposal to create a Database of Economic Preferences for the SCO region, which will serve as a comprehensive resource for member states to access information on economic incentives and preferences within the bloc, thereby promoting a more cohesive business environment.
In addition, the ministerial meeting approved the Russian proposal to support the creative economy in the region and emphasized the importance of economic growth based on innovation. The successful conclusion of this high-level ministerial meeting reinforces the importance of multilateral cooperation and reflects Pakistan’s leading role in promoting economic and trade cooperation within the SCO.
