Mutually-beneficial interactions: SCO underscores need for adopting inclusive approach

ISLAMABAD: Speakers at a conference, while stressing the need to increase regional and global trade cooperation among the Shanghai Cooperation Organization (SCO) countries, urged member states to adopt an inclusive approach and should be open to mutually-beneficial interactions.

They said this while addressing SCO Business and Investment Conference held here on Thursday organised by Federal of Pakistan Chamber Of Commerce and Industry (FPCCI).

They said that SCO was not just a platform for dialogue but a powerful engine for growth and cooperation. The SCO member states have over 40 percent of the global population, the SCO is one of the largest regional organisations, and its influence continues to grow as member countries strengthen their trade and economic ties, they added.

They said that trade volume among SCO countries was nearly $25 trillion which is almost 25 percent of the global trade and further cooperation will further increase the trade volume which will result in economic growth and reducing poverty.

Speaking on the occasion, Chairman Senate Syed YousafRazaGilani reaffirmed Pakistan’s strong adherence to the “Shanghai Spirit” and its commitment to building mutual trust, equality, respect for diversity, and the pursuit of common development.

Gilani highlighted Pakistan’s dedication to fostering regional cooperation within the SCO framework, adding that immense potential exists for trade, investment, and joint ventures in areas such as energy, infrastructure, agriculture, and technology.

He emphasised Pakistan’s strategic location, rich natural resources, and skilled workforce, which make the country an attractive destination for foreign investment. He also stressed the importance of strengthening economic ties with SCO partner nations.

Gilani noted that the China-Pakistan Economic Corridor (CPEC) provides vital access to international markets for landlocked SCO partners, while Pakistan is also focusing on other avenues to promote regional development.

He pointed out that the Special Economic Zones (SEZs) offer lucrative opportunities for investment and industrial growth, paving the way for innovation and employment across the region.

He urged member countries to prioritise collaboration in sectors such as agricultural technology, renewable energy, and digital infrastructure to accelerate sustainable economic growth.

Gilani called for enhancing people-to-people exchanges and business-to-business cooperation to build lasting partnerships that benefit both economies and citizens.

The chairman encouraged the business community to explore new markets and promote economic integration through tariff reductions, simplified customs procedures, and increased market access.

He also stressed the importance of innovation and entrepreneurship, advocating for joint research initiatives, technology transfers, and start-up collaborations to create jobs, boost productivity, and ensure competitiveness in the global market.

Gilani said that there were certain challenges which can only be tackled through collective action and a shared vision. He reaffirmed the Parliament of Pakistan’s, especially the Senate’scommitment to supporting efforts that strengthen cooperation within the SCO framework. “Our shared goals of economic growth, peace, and stability will benefit from the active involvement of parliamentary institutions,” he said.

Speaking on the occasion, Federal Minister for Commerce Jam Kamal urged the SCO members to diversify business in the organisation’s region and look at the opportunities. He said in today’s interdependent and fast globalising world no regional grouping can hope to work in isolation.

He stressed the need for collective efforts, saying the governments, businesses, and parliaments need to work together to create a more prosperous, connected, and innovative region.

Leading global companies such as Maersk and Mckinsey are keen to bring huge investment in Pakistan as we are working to provide them an enabling environment, said Kamal.

The minister said the SCO has also need to develop positive links and strong connectivity with the adjoining regions and beyond. He said Belarus is a welcome addition to our family of SCO countries and we look forward to its positive role in all its SCO-related activities.

He further said we must adopt an inclusive approach and should be open to mutually-beneficial interactions especially with our larger Asian neighbourhood. Such linkages would create a win-win opportunity for all of us.

Speaking on the occasion, the Chinese deputy commerce minister said that the SCO was a critical forum to boost regional trade and the member countries have all the opportunities to increase their trade volume.

Copyright Business Recorder, 2024