Shanghai Cooperation Organization (SCO) Summit: Agreement on Establishing SCO Development Bank and Fund
SCO Heads of Government meeting signs some important documents including Joint Communique & ones related to furthering economic & trade cooperation
ISLAMABAD ( WEB NEWS )
At the Shanghai Cooperation Organization (SCO) summit, concerns over global trade barriers were expressed, and an agreement was reached to establish the SCO Development Bank and SCO Development Fund. Deputy Prime Minister and Finance Minister Ishaq Dar, along with SCO Secretary-General Zhang Ming, held a joint press conference in Islamabad after the summit.
Ishaq Dar stated that important decisions were made at the SCO summit, and it was an honor for Pakistan to host the event. Several proposals for sustainable development were approved at the summit. He thanked all the participating countries and appreciated their positive contributions to the event. Over the past year, Pakistan, while holding the presidency of the SCO, has promoted regional cooperation, environmental protection, poverty alleviation, and youth empowerment. Dar emphasized that Pakistan, in collaboration with all member states, has played an active role in sustainable regional development, leading to an agreement on new areas of cooperation within the SCO forums.
He highlighted that new frameworks were established for economic development and the promotion of economies. The summit discussed enhancing trade, investment, and creative economies, with all leaders reaffirming their commitment to the “Shanghai Spirit.” Hosting the SCO was a great honor for Pakistan, and despite regional and global challenges, Pakistan has continued to implement the SCO Charter. The summit emphasized that prosperity in the region requires trade, investment, connectivity, and the development of youth and women.
Dar added that the joint declaration of the summit is the result of a year’s effort, covering key issues such as economy, trade, connectivity, and technology. The meeting also discussed poverty alleviation, youth affairs, and other significant topics. The joint declaration signed by the heads of state stressed the importance of green development, digital economy, trade, investment, and increasing the capacity of member states in the fields of technology.
Today’s summit also approved the 2025 budget and the provision of human resources for two permanent bodies: the SCO Secretariat and the Regional Counter-Terrorism Structure. Dar said that the meeting reiterated the commitment of SCO member states to move forward together with mutual respect toward a better and more sustainable future.
During the press conference, SCO Secretary-General Zhang Ming congratulated Pakistan on the successful hosting of the SCO summit and praised Pakistan’s efforts in making the event a success. He acknowledged Pakistan as a dynamic and important member of the SCO and mentioned that the summit included comprehensive discussions on key SCO topics. Zhang Ming also noted that discussions were held on using local currencies for trade and project financing, and the concept of a new economic dialogue was adopted. The summit also explored opportunities to modernize the SCO and reviewed decisions made during the Astana summit. There was a focus on improving the internal performance of the SCO, and Zhang Ming emphasized that Pakistan made remarkable efforts to ensure the summit’s success.
Pakistan’s unwavering commitment to the common goals and objectives of SCO. PM Shehbaz
The SCO Heads of Government meeting has signed some important documents including the Joint Communique and the ones related to furthering the economic and trade cooperation as well as the efficient working of permanent bodies of the SCO.
Speaking at the close of the moot, Prime Minister Shehbaz Sharif announced the transfer of chairmanship of Council of Heads of Government of SCO to Russian Federation. He said the next meeting of the SCO Heads of the Government will take place in Russia next year.
Congratulating the Russian Federation, the Prime Minister assured Pakistan’s fullest support to their chairmanship.
Describing the SCO meeting as successful, the Prime Minister said this highlighted our joint commitment towards a better and sustainable future for the next generations.
He reaffirmed Pakistan’s unwavering commitment to the common goals and objectives of SCO.
He emphasized the need for prioritizing collaboration over political differences and divisions as well as building on our achievements, addressing the shared challenges and working hand in hand to ensure that the SCO remains a beacon of stability and development for the mutual benefit of our peoples.
Voicing concerns over the ongoing genocide in Gaza, Prime Minister Shehbaz Sharif said this cannot be ignored and the international community bears the responsibility to ensure an immediate and unconditional ceasefire in Gaza, leading to the establishment of State of Palestine on the basis of pre-1967 borders with Al-Quds as its capital. He hosted a reception in honour of the SCO leaders and their delegates.