SCO Countries to Expand Share of National Currencies in Trade

NUR-SULTAN – The members of the Shanghai Cooperation Organization (SCO) announced the development of a roadmap for expanding the share of national currencies in mutual settlements at the July 15 meeting of the SCO countries’ industry ministers in Tashkent, Kazinform agency reports.

The Shanghai Cooperation Organization (SCO) meeting on July 15 in Uzbekistan. Photo credit: inform.kz

This measure will contribute to the stability of monetary systems and the security of the financial activities of the SCO member countries.

“The financial institutions of our countries are working to coordinate the roadmap of the SCO countries to gradually increase the share of national currencies in mutual settlements. We hope for an early agreement by all parties and activation of this process,” said Deputy Minister of Industry and Trade of Russia Alexey Gruzdev.

Vice Minister of Industry and Infrastructural Development of Kazakhstan Marat Karabayev noted that by the end of 2021, the trade turnover of Kazakhstan with the SCO countries demonstrated a discernible increase of $10 billion, reaching $50 billion. In 2020, the trade turnover was $40 billion.

“With Russia, we have a list of 60 cooperation projects in the field of industry, with China we have 50 joint projects with high added value in high-tech industries, with Uzbekistan we have around 15 projects,” said Karabayev.

Kazakhstan is also stepping up cooperation with India in the mining industry and in the field of rare metals, as well as with Pakistan in the light industry.

The SCO organization includes Kazakhstan, Kyrgyzstan, Tajikistan, Russia, China, India, Uzbekistan, and Pakistan.

Kazakhstan, pursuing a multi-vector foreign policy, advocates establishing contacts and continuing active cooperation of the SCO with other regional and international organizations and dialogue platforms.

 

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