DUSHANBE – The Shanghai Cooperation Organization (SCO) member states on Tuesday identified economic and trade cooperation as one of the core areas of the organization's work.

In a joint communique issued at the 25th Meeting of the Council of Heads of Government (Prime Ministers) of Member States of the SCO in Dushanbe, Tajikistan, the heads of delegations expressed their view that mutually beneficial cooperation in the banking and financial sectors should be deepened, information, experience and best practices exchanged, and a favorable environment created for the development of the financial services market.

They reiterated that the member states concerned would continue to cooperate and gradually expand the share of settlements conducted in local currencies.

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The heads of delegations affirmed the progress made by the member states concerned in establishing the SCO Development Bank and emphasized the importance of continuing to advance this work.

They agreed on the need to continue fostering a stable, transparent and predictable trading environment.

They also advocated expanding all-round economic cooperation, further improving the business environment for investment, and vigorously supporting joint ventures and investment projects.

Narrowing digital divide 

Member states also said they should work to narrow the digital divide among them. Heads of the delegations noted that in recent years, digital transformation has become an important area of cooperation within the SCO, calling for efforts to enhance access to digital services for the general public and businesses, including residents in remote areas.

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As it advances digital transformation, the heads of the delegations said it is essential to strengthen information security, ensure the reliability of digital infrastructure and data security, and enhance digital literacy.

They also stressed the importance of ensuring equal access to artificial intelligence technologies for all member states, while respecting national interests and adhering to the principle of the peaceful use of science and technology.  

Reforming global governance 

Reforming and improving the global governance system has also been emphasized, including the formulation of corresponding rules and norms, to ensure equal participation, decision-making, and benefits for all countries in global governance.

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In the joint communique, the leaders emphasized strengthening the representation, role and voice of developing countries in international economic and financial institutions and their governing bodies.

They stressed that member states oppose unilateral coercive measures that violate the UN Charter and other norms of international law, and pointed out that such measures have a negative impact on efforts to achieve global economic growth and the Sustainable Development Goals.

They noted that one of the major achievements of the SCO is the growing number of countries establishing cooperative relations with the organization, the continuous expansion of its areas of cooperation, its growing international influence, and the increasingly close ties with relevant countries and multilateral institutions.