Kazakh PM Bektenov says SCO internal trade nears $1tln
Prime Minister Olzhas Bektenov stated the SCO internal trade nears one trillion US dollars at the expanded meeting of the SCO Council of Heads of Government in Moscow, Qazinform News Agency reports.
During a meeting between Russian President Vladimir Putin and the prime ministers and top officials of the Shanghai Cooperation Organization (SCO) member states, it was highlighted that since its inception, the SCO’s contribution to the global economy has almost doubled and now exceeds 30%. While, Kazakhstan’s trade turnover with SCO member states surpassed 67 billion US dollars last year.
The narrow-format meeting of the SCO Council of Heads of Government focused on ways to further enhance the Organization’s activity based on the agreements, reached by the heads of state following the SCO Tianjin summit. An exchange of views on pressing issues on the agenda took place as well.
Meanwhile, the expanded meeting discussed issues of trade and economic cooperation, interaction in the financial sector, transport and logistics, digital sector and AI, water resources, ecology, and others.
Today, the SCO countries form one-third of global GDP; our internal trade nears $1 trillion, said Kazakh Premier Bektenov, highlighting the Organization’s commitment to comprehensive economic growth as equal partners. The Kazakh Prime Minister urged to develop and make the most of resources available to promote predictable trade.
During discussions on transit and transport cooperation, it was pointed out that five railway corridors pass through Kazakhstan. Transit traffic has risen by nearly 2-fold in the past five years, and hit 27.5 million tons last year.
It was highlighted that the alignment of the One Belt, One Road initiative, carried out by the SCO member states, with the key transport corridors of Kazakhstan will have a multiplier effect and create a sustainable foundation for promoting industrial cooperation and enhancing integration processes across the region. According to World Bank estimates, the successful implementation of projects within the initiative will accelerate global trade growth to an annual rate of 6%.
In the artificial intelligence sector, issues of interaction in the efficient use of AI technologies, which corresponds to Kazakhstan’s path towards a digital future, were debated.
The importance of the creation of the SCO Development Bank and the implementation of an investment projects support mechanism were noted as part of industrial cooperation. In this context, Kazakhstan is ready to harness what the Astana International Financial Center has to offer.
The discussions also focused on joint measures in areas such as ecology, water resources, as well as cultural and humanitarian interaction, and so on.
The heads of delegations confirmed their commitment to promoting multifaceted cooperation to boost stability in the region and ensure global economic growth.
The meeting of the SCO Council of Heads of Government concluded with the signing of a number of documents on multilateral trade and economic cooperation, transport communication, social development and protection, and others.
Previously, Qazinform News Agency reported Kazakhstan calls for creating the SCO Development Bank, Water Resource Center.
