On 28 October 2020, India chaired the 19th Meeting of the SCO Ministers Responsible for Foreign Economic and Foreign Trade Activities held via videoconference.
Addressing the participants, SCO Secretary-General Vladimir Norov noted the complexity of the current situation caused by the ongoing pandemic, its consequences and the SCO countries' collective efforts to overcome the socioeconomic crisis and to intensify trade and economic relations.
"Systematic work continued as part of the Russian chairmanship of the SCO to expand multilateral trade and economic cooperation, primarily in the field of transport and logistics, infrastructure, scientific research, technology and innovation.
The Bishkek Summit outlined new vectors of expanding ties in interregional cooperation, digitisation, environmental protection, media and sports.
We expect the Action Plan for 2021-2025 to implement the SCO Development Strategy until 2025 to be adopted soon. Possibilities are being considered to create institutions for financing joint projects and to use national currencies in mutual settlements. All this will contribute to laying a solid foundation for an accelerated development of regional economic integration in the SCO," Vladimir Norov said.
The Secretary-General's report highlighted the growing role of digital technologies and effective application of IT during the COVID-19 pandemic. In 2019, the total scale of the digital economy shown by 47 economic entities reached $31.8 trillion; its nominal growth, compared to the same period, amounted to 5.4 percent year-on-year, or 3.1 points higher than the nominal growth rate of global GDP for the same period.
However, the development of innovative partnerships between the public and private sectors in the SCO will facilitate economic integration in the region.
In this regard, we consider it important to focus on attracting large private ICT and e-commerce businesses to developing an Action Plan for the Implementation of the Concept of Cooperation among the SCO Member States in Digitisation and ICT that was adopted in Bishkek last year at the initiative of Kazakhstan and Uzbekistan.
A Statement of the Council of Heads of State on cooperation in the digital economy to be adopted at the upcoming summit should also lend an impetus for enhancing interaction in this sphere within the SCO.
Vladimir Norov underscored the importance of developing a Cooperation Programme of the SCO countries on the development of e-commerce, involvement of young people in establishing youth business incubators, and startups engaged in digital innovation. At the same time, he praised the first online SCO Startup Forum held on 27 October at the Indian side's initiative which brought together more than 1,500 participants from 50 countries.
He noted an increasing role of the academic community and, in this context, highlighted the importance of the recommendations made at the first meeting of the SCO Consortium of Economic Analytical Centres chaired by the Indian side in
August 2020.
The SCO Secretary-General also noted the importance of supporting small and medium-sized businesses, and said he counted on an intensive collaboration within the scope of the Action Plan for the implementation of the Memorandum of Understanding on Promoting Cooperation within the SCO in the field of micro, small and medium-sized enterprises between the Ministries of the SCO Member States responsible for foreign economic and foreign trade activities approved in 2018 in Qingdao.
"It is important to note the successful meeting of the SCO Special Working Group on Development of Transit Potential in August 2020). Cooperation in this field was given an additional incentive for further development, and the pandemic situation pushes us to search for new solutions. We hope that Russia's initiative to sign a Memorandum of Cooperation to ensure the stable operation of transport in cross-border emergencies will be supported.
The Memorandum of Understanding on the development of roads in the SCO member states and the intergovernmental framework agreement on the integrated transport management system development require further elaboration," the SCO Secretary-General added.
In conclusion, Vladimir Norov emphasised that, in accordance with the SCO Charter, its priority is to promote comprehensive and balanced economic growth, sustainable development in the region on the basis of equal partnership in order to improve the quality of life in all member states.
In this regard, combining efforts to implement the Concept for Cooperation between the SCO Member States in Developing Remote and Rural Territories in the Digital Era to be adopted at the upcoming SCO summit in November will certainly contribute to the achievement of these goals.
During the meeting, the heads of delegations exchanged views on the state of and prospects for SCO cooperation and discussed a wide range of issues concerning further expansion of regional economic cooperation.
Following the gathering, the heads of the delegations of the SCO member states adopted a communique and signed a Protocol.