Naveed stresses need to enhance trade cooperation among SCO member states

66

 

Federal Minister for Commerce Syed Naveed Qamar has stressed on the need to enhance cooperation among the member states of Shanghai Cooperation Organization (SCO) in various fields, including regional trade, economy, investment, and science and technology.

Trough the inter-regional relations, the SCO had gained significant development, however, their full potentials had not yet been exploited, he said addressing a two-day SCO Economic Forum in Tashkent, according to a message received here on Wednesday.

The minister said regional trade, economy, investment, science and technology, cultural-humanitarian and other opportunities could significantly strengthen the foundation of cooperation among the SCO member states.

“I am delighted to say that Pakistan, ever since its accession as full member, has desired to play a pro-active role towards promotion of cooperation in political, security, economic, cultural, and legal areas,” he added.

Pakistan, he said, shares with the SCO and its members, deep rooted historical and cultural links, and strong economic and strategic complementarities.

“We are fully committed to promoting the Shanghai Spirit which lays emphasis on equality, trust, coexistence, respect for cultural diversity, and a desire for shared development,” Naveed Qamar added.

Pakistan, the minister said, attached great importance to the SCO as “it allows us to underscore our interest in regional peace, stability and development and support for regional cooperation”.

It would not only provide a platform to forge closer ties with China and Russia; the two key players in the region, but also “allow us to explore greater economic linkages and cooperation with Central Asian countries in the areas of energy and transport, and would help us in promoting Pakistan as a regional trade corridor,” he maintained.

The minister said said as per a report of the International Monetary Fund, in 2021 the average GDP (gross domestic product) growth of the SCO member states was about 5.3%. Trade volume (exports) of Pakistan with SCO states reached $3.44 billion with an increase of 30.6% during the FY 2021-22.

He said, “We are striving to move away from a consumptive economy towards an investment and export-driven economy.

“We intend to achieve this through free trade and transit agreements, regional connectivity, the ‘Make in Pakistan’ initiatives, rationalization of tariffs, and an industrial policy framework, which will put Pakistan on the path of industrialization.”

Naveed Qamar said Pakistan was working to gain greater market access for its exports, and diversify markets and the export basket along with establishing linkages for industrial innovation and production. It could only be achieved through greater openness of the economy, he added.

He recalled that Pakistan proposed at Qingdao that the establishment of Pakistan-SCO Trade, Transit and Energy Corridor would offer the SCO member states the use of its road and rail network, and access to international sea lines of communication for trade, transit and commercial logistics through Karachi and Gwadar. —APP

Previous articleShell Pakistan posts profit for H1 2022
Next articleRO approves IK’s nomination papers