ISLAMABAD: Shanghai Cooperation Organization (SCO) member states have decided to establish a Database of Economic Preferences (DEPs) for the SCO region, which will act as a comprehensive resource for the member states to access information on economic incentives and preferences within the bloc, fostering a more cohesive business environment.

An official statement says that Commerce Minister Jam Kamal Khan chaired the 23rd Meeting of Ministers of the Shanghai Cooperation Organisation Member States responsible for Foreign Economic and Trade Activities on Thursday.

Pakistan hosted the event in its capacity as the Chair of the SCO Council of Heads of Government, the second-highest forum of the organisation. The Ministerial meeting was preceded by the 47th Meeting of the Commission of Senior Officials (CSO) of SCO Member States on 10th and 11th September 2024, also held in Islamabad.

All set for SCO ministers’ moot

In his opening remarks, Jam Kamal Khan, reiterated Pakistan’s commitment to the aims and objective of the SCO to promote peace and prosperity in the region. While acknowledging the global economic challenges facing the region, he emphasised the vital role of the SCO in addressing these issues through cooperation and constructive engagement.

He conveyed Pakistan’s strong commitment and readiness to contribute to and collaborate with all Member States to achieve shared goals.

“Let us seize this opportunity to forge stronger partnerships, enhance regional cooperation, and pave the way for a brighter and more prosperous future for all our peoples”, he added.

Copyright Business Recorder, 2024