Media reports Russia, SCO trade reaching historic high

2024-07-11 08:10:13

(MENAFN) According to statements from Russian Industry and Trade Minister Anton Alikhanov, mutual trade between Russia and member states of the Shanghai Cooperation Organization (SCO) surged significantly in 2023, reaching a record USD333 billion. Alikhanov made these remarks during his address at the international industrial exhibition Innoprom in Ekaterinburg, emphasizing Russia's robust economic engagement within the SCO.

The minister highlighted that Russia's direct investments in SCO countries had reached USD10.2 billion, with a comparable amount flowing into Russia from these nations. He underscored Russia's active participation within the SCO, noting its significant role in fostering economic cooperation and mutual development among member states.

Established in 2001, the SCO includes prominent nations such as China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan, with Belarus being its most recent full member. Additionally, 14 countries, including Egypt as the sole African state, participate as dialogue partners, allowing them to engage in specialized SCO events by invitation.

The SCO's objectives focus on strengthening political, economic, scientific, cultural, and educational ties among member states, aiming to deepen mutual understanding and collaboration across various sectors.

During the recent SCO summit in Astana, Russian President Vladimir Putin underscored the growing use of national currencies in settlements between Russia and SCO members, surpassing 92 percent. Putin proposed advancing an independent mechanism for facilitating payments within the SCO framework, highlighting collaborative efforts by finance ministers and central bank governors that have bolstered trade and investment links among member nations.

The developments underscore Russia's commitment to enhancing regional economic integration through the SCO platform, promoting stability and cooperation across Eurasia.

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