SCO trade turnover to near USD 1 trillion, Tokayev
At the SCO Summit in Bishkek, Kazakh President Kassym-Jomart Tokayev emphasized the strategic importance of strengthening trade, economic, and investment partnerships among member states, Qazinform News Agency learnt from the Akorda press service.
He said trade turnover among SCO countries is steadily approaching 1 trillion US dollars.
Kassym-Jomart Tokayev noted that current economic interconnectedness does not yet fully match the potential of SCO members.
He stressed the need to use the resources, production and technological potential of the SCO member states and create new growth points and steady business ties.
Kazakhstan advocates for a broad SCO trade-investment space with minimal barriers, digital procedures, and advanced transport-logistics connectivity.
The Head of State suggested introducing a mechanism of pilot industrial consortiums allowing member states to implement projects as they are ready, without waiting for all participants. Successful projects could then be scaled across the Organization.
Kassym-Jomart Tokayev said the launch of transborder trade zones based on existing cooperation centers would test simplified trade exchanges, digital procedures, and modern settlement mechanisms.
He said Kazakhstan supports China’s initiative to establish the SCO Development Bank, suggesting its resources be directed toward infrastructure, technology, and industrial projects. Tokayev proposed that Kazakhstan could host the bank’s headquarters if consensus is reached.
Earlier, the Head of State said the meeting coincides with the 25th anniversary of the SCO, marking its transformation from the Shanghai Five into a major Eurasian organization representing nearly half of humanity.
He also proposed holding an SCO Ministerial Conference on Strategic Stability and Confidence-Building Measures across the Eurasian continent. He said the conference could focus on reducing military risks, preventing a new arms race and developing mechanisms to avoid dangerous incidents.
As written before, President Kassym-Jomart Tokayev arrived at the Yntymak Ordo Congress Hall in Bishkek to attend the 26th session of the SCO Heads of State Council and the SCO + meeting.
