PTBP Web Desk
The Shanghai Cooperation Organization (SCO), in a significant step towards economic integration, has announced the creation of a Database of Economic Preferences (DEPs) for the SCO region.
This strategic initiative aims to provide member states with ready access to a wealth of information regarding economic incentives and preferences, thereby fostering a more cohesive business environment within the bloc. The announcement was made during the 23rd Meeting of Ministers of the SCO Member States responsible for Foreign Economic and Trade Activities, chaired by Commerce Minister Jam Kamal Khan.
Pakistan, holding the current chair of the SCO Council of Heads of Government—the second-highest forum within the organization—hosted this pivotal meeting in Islamabad. The ministerial conference was a sequel to the 47th Meeting of the Commission of Senior Officials (CSO) of SCO Member States, which also took place in Islamabad on the 10th and 11th of September 2024.
In his opening remarks, Jam Kamal Khan expressed Pakistan’s unwavering commitment to the SCO’s objectives of promoting peace and prosperity throughout the region. He acknowledged the global economic challenges that threaten regional stability but emphasized the critical role of the SCO in navigating these challenges through enhanced cooperation and constructive engagement.
“Let us seize this opportunity to forge stronger partnerships, enhance regional cooperation, and pave the way for a brighter and more prosperous future for all our peoples,” stated Khan, highlighting the collaborative spirit that the SCO aims to embody.
The establishment of the Database of Economic Preferences marks a significant leap towards regional economic integration. This database is envisioned as a comprehensive resource that will enable member states to tap into detailed information about various economic policies and incentives that could benefit businesses within the region. By centralizing such data, the SCO aims to reduce informational barriers that often hinder cross-border trade and investment activities.
The global economic landscape is currently marred by multiple challenges, including trade tensions, fluctuating markets, and economic downturns exacerbated by geopolitical instabilities. The SCO’s initiative to create the DEPs is a direct response to these challenges, offering a platform for member states to align their economic strategies more effectively and leverage collective strengths.
As the chair of the SCO Council of Heads of Government, Pakistan has taken a proactive role in steering the agenda towards more actionable and impactful initiatives. Hosting both the ministerial meeting and the preceding senior officials’ meeting underscores Pakistan’s pivotal role in shaping the direction of SCO’s economic strategies.
The newly launched database is just the beginning of what could become a series of integrative measures by the SCO. The organization’s future endeavors may include further digital initiatives to enhance transparency and ease of doing business across borders. Such measures are expected to significantly boost trade volumes and economic cooperation among the member states, contributing to the overall economic resilience of the region.
