Economic integration

SCO states will play a key role in global economic integration

According to the ambassador, the Shanghai Cooperation Organization (SCO) has important member countries in terms of geoeconomic and geopolitical position, including developed economies, which can play an important role in the development of global and regional economies.

ISLAMABAD, MAY 22: Uzbekistan’s Ambassador to Pakistan Aybek Arif Usmanov said on Sunday that member countries of the Shanghai Cooperation Organization (SCO) could play a key role in global economic and trade integration and regional in the current scenario.

The Shanghai Cooperation Organization (SCO) has important member countries in terms of geoeconomic and geopolitical position, including developed economies, which can play an important role in the development of global and regional economies through this platform. organizational,” said Uzbekistan’s ambassador to Pakistan. .

The trade and economic bloc of SCO countries can combine European Union and Eurasian markets for commercial interests by merging South Asia and Central Asia, he said.

The Ambassador said that similarly, global trade can be linked by accessing the market of key trading regions such as the Association of Southeast Asian Nations (ASEAN) and the Middle East through the through this important global trading bloc, which is expected to accelerate in the world of commerce.

He said that Uzbekistan, as chairman of the 2022 annual summit of the Shanghai Cooperation Organization of the Council of Heads of State of the SCO, will rise on September 15-16 in Samarkand.

The Uzbek ambassador said that Pakistan and Uzbekistan have a very important role to play in the trade and economic integration of SCO member countries, which will usher in a new era of economic integration in all member countries. .

He said technology, information technology and renewable energy will be the main topics of the SCO summit this year, which will help reshape trade and economic relations among member countries.

There will also be sessions on telemedicine at this year’s summit, which has led to the introduction of many facets in the medical field after Covid-19, which could open new avenues for economic cooperation in Member States. , did he declare.

He said that at the same time, member states are likely to sign renewable energy agreements? He said empowerment of women is a major issue that will be discussed in member countries and a future strategy will be developed on this.

The ambassador said that the leaders of SCO countries, including Central Asian countries, are now fully committed to the economic and trade integration of member countries and to increasing bilateral trade and economic activities. Ambassador Usmanov said road and rail facilities and connections are very important in bilateral and transit trade, which will increase economic activities in SCO countries.

He said that the logistics and transport sector is of utmost importance in this regard and needs to be strengthened. He said the sea routes must be opened for trade and currently a trade agreement has been signed between Pakistan and Uzbekistan through the ports of Karachi and Gwadar.

He said that in this regard, a connectivity terminal will be built in the city of Tirmuz in Uzbekistan, which will connect Pakistan with Central Asian countries, including Euroasain and European and maritime markets.

He said SCO member countries must be connected to Iran’s ports of Chabahar and Bandar Abbas in order to be commercially and economically connected to markets in the Middle East and other Asian countries.

“We need a new economic dimension and a paradigm shift to increase our bilateral and transit trade,” he said.

Likewise, new drivers of economic growth, including technology, information technology and e-commerce, must be embraced, he added.

He said that there is a strong hope that regional trade and economic relations at the multilateral level will increase?

In response to a question, he said that in addition to agreements between Pakistan and Uzbekistan at the national level, there are now plans to strengthen bilateral economic and trade relations between provinces and major cities. According to him, agreements have been reached between Punjab province in Pakistan and Namangan province in Uzbekistan.