Business news

12 Sep 2024

Belarus stands for joint trade, economic, investment projects in SCO

An archive photo

MINSK, 12 September (BelTA) - Belarus strongly supports the implementation of joint initiatives and projects in trade, economic and investment sectors within in the SCO space, Belarusian First Deputy Minister of Foreign Affairs Sergei Lukashevich said at the 23rd meeting of the Ministers of the Shanghai Cooperation Organization (SCO) Member States responsible for Foreign Economic and Trade Activities , BelTA learned from the press service of the Belarusian Ministry of Foreign Affairs.

“Understanding the unconditional importance of the business segment in ensuring full-fledged and comprehensive cooperation between the SCO member states, Belarus stays committed to the implementation of joint initiatives and projects in the trade, economic and investment sectors in the space of the organization, including under the auspices of its Business Council,” the first deputy minister of foreign affairs said.

According to statistics, the SCO member states account for more than 70% of Belarus' total trade, and trade with the SCO countries is growing year by year.

According to Sergei Lukashevich, prior to Belarus' accession to the SCO, the National Center for Marketing and Price Study, one of the main national institutions of non-financial support of foreign trade in Belarus, joined the interaction with the SCO Business Council as a partner structure. “This institute will act as a national part of the SCO Business Council from the Republic of Belarus in its new status,” he said.

“Now that Belarus has become a full-fledged member of the Shanghai Cooperation Organization, the country is ready to develop this positive experience of interaction, to take a proactive part in the council's activities, the development of its business agenda and the business dialogue in various formats,” the first deputy minister of foreign affairs added.

According to him, it is also important to promote financial cooperation within the SCO. “We believe this can be realized through mechanisms for financial support of project activities, joint implementation of advanced technologies, gradual increase in the share of national currencies in mutual settlements,” Sergei Lukashevich said. Belarusbank is set to take part in the work of the Board of the SCO Interbank Consortium as a full member at its next meeting due to in summer 2025.

“Infrastructure construction and investment in production, joint promotion of industrialization and modernization processes in the region will also remain priority areas. We believe that our benchmark should be the action plan for the implementation of the SCO 2030 Economic Development Strategy, which was adopted at the Astana summit on 4 July 2024,” the first deputy minister said.

In his words, Belarus “strongly advocates the strengthening of an open, transparent, non-discriminatory, inclusive and fair trading system as the basis for promoting trade and sustainable development in the region”. “Here, joint, coordinated actions of the SCO member states are the key to the recovery and prosperity of the regional economy,” the first deputy minister of foreign affairs said.

Speaking about the role of instruments to stimulate the development of a new, qualitative type of international economy, he emphasized the need to diversify the commodity structure, develop cooperation in electronic commerce, develop close trade, investment and research ties in high-tech sectors such as information technologies.

“We are ready to make efforts to create a favorable investment climate in the region, as well as conditions for international transportation, to take direct and most active part in the implementation of the region's transit potential, formation of international transport corridors, expansion of transport and communication opportunities and development of multimodal logistics centers. This approach will make it possible to improve the existing international trade system,” Sergei Lukashevich said.

Belarus is set to take part in the meeting of the SCO Heads of Government Council for the first time in a new status, he said. “As a full member of the Shanghai Cooperation Organization, Belarus is ready to make every effort to promote progressive sustainable economic growth in order to preserve and maintain peace and stability in the region,” the first deputy minister said. “It is imperative for us to develop approaches based on the principles of transparency, mutual respect, equality and openness for all stakeholders. I am convinced that the Shanghai Cooperation Organization in this sense is a reliable platform for constructive dialogue, exchange of views and development of progressive solutions in economic interaction.”



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