Belarus supports the implementation of joint trade, economic, and investment projects within the SCO.
Belarus firmly supports the implementation of joint initiatives and projects in the trade, economic, and investment spheres within the SCO framework. This was stated by the First Deputy Minister of Foreign Affairs of Belarus, Sergey Lukashkevich, at the 23rd Meeting of Ministers of SCO Member States Responsible for Foreign Economic and Foreign Trade Activities, BELTA reports, citing the Press Service of the Ministry of Foreign Affairs of Belarus.
"Recognizing the unequivocal importance of the business segment in ensuring full and comprehensive cooperation among SCO member states, the Republic of Belarus firmly supports the implementation of joint initiatives and projects in the trade, economic, and investment spheres within the Organization, including under the auspices of its Business Council," the First Deputy Foreign Minister said.
According to statistical data, SCO member states account for over 70% of Belarus's total trade turnover, and trade volumes with SCO countries continue to grow year on year.
Sergey Lukashkevich clarified that prior to Belarus's accession to the SCO, the National Centre for Marketing and Market Analysis joined efforts with the organization's Business Council as a partner entity. The Centre serves as one of the key national institutions providing non-financial support to foreign trade in Belarus. "This institution will act as the national counterpart of the SCO Business Council representing the Republic of Belarus in its new status," he stated.
"Now that our country has become a full-fledged member of the Shanghai Cooperation Organisation, the Belarusian side is prepared to build upon this positive experience of cooperation, actively participate in the Council's work, help shape its business agenda, and contribute practically to the business dialogue across various formats," added the First Deputy Minister of Foreign Affairs.
He noted that promoting financial cooperation is also important within the SCO framework. "We consider this achievable through the establishment of mechanisms for financial backing of project activities, joint deployment of advanced technologies, and a gradual increase in the share of national currencies in mutual settlements," Sergey Lukashkevich emphasized. It is anticipated that Belaruskabank will participate in the Council of the SCO Interbank Association at its next session in summer 2025 as a full-fledged member.
"Priority areas will continue to include infrastructure development and investment in production, as well as joint promotion of industrialization and modernization processes in the region. We consider the Action Plan for Implementing the SCO Economic Development Strategy until 2030, adopted at the Astana Summit on July 4, 2024, to be our key reference point," the First Deputy Minister stated.
He emphasized that Belarus "strongly advocates for strengthening an open, transparent, non-discriminatory, inclusive, and equitable trading system as a foundation for boosting trade and sustainable development in the region." "In this sphere, precisely with"Joint, coordinated actions of SCO member states are the guarantee of restoring and prospering the regional economy," the First Deputy Foreign Minister added.
Speaking on the role of instruments for stimulating the development of a new, high-quality type of international economy, he highlighted the necessity of diversifying the commodity structure, developing cooperation in e-commerce, and establishing close trade-investment and scientific-research ties in high-tech sectors such as information technology.
"We are prepared to make every effort to foster a favorable investment climate in the region, as well as conditions for international transportation, to take direct and highly active part in unlocking the region's transit potential, developing international transport corridors, enhancing transport and communications infrastructure, and establishing multimodal logistics centers. Such an approach will enable a significant improvement of the existing international trade system," Sergey Lukashkevich stressed.
Belarus intends to participate in the session of the Council of Heads of Government of SCO Member States for the first time in its new capacity, he noted. "As a full-fledged member of the Shanghai Cooperation Organization, the Republic of Belarus is prepared to exert maximum efforts to promote steady and sustainable economic growth in the interest of preserving and maintaining peace and stability in the region," the First Deputy Minister said. "It is important for us that the approaches formulated are grounded in the principles of transparency, mutual respect, equality, and openness to all interested parties. I am convinced that, in this regard, the Shanghai Cooperation Organization serves as a reliable platform for constructive dialogue, exchange of views, and formulation of progressive solutions in the sphere of economic cooperation."