The members of the Shanghai Cooperation Organization (SCO) will promote the development of an open world economy and oppose trade restrictions, which threaten the global economy, the communique adopted following the 21st SCO Heads of Government Council meeting on Tuesday states
MOSCOW (Pakistan Point News / Sputnik - 01st November, 2022) The members of the Shanghai Cooperation Organization (SCO) will promote the development of an open world economy and oppose trade restrictions, which threaten the global economy, the communique adopted following the 21st SCO Heads of Government Council meeting on Tuesday states.
"The heads of delegations confirmed that the member-states of the SCO consider important the further improvement of the architecture of global economic governance and will consequently defend and strengthen an open, transparent, just, inclusive and non-discriminatory multilateral trade system based on the principles and rules of the World Trade Organization (WTO), facilitate the development of an open world economy, oppose protectionist measures and trade restrictions, which contradict the WTO principles, undermine the system of multilateral trade and threaten the global economy," the document says.
The document also states that the "unilateral introduction of sanctions, apart from those authorized by the UN Security Council, is incompatible with the principles of international law and has a negative impact on third countries and international economic relations."
Moreover, the communique indicates that the SCO supports increasing the effectiveness of the WTO as a key platform for discussing the international trade agenda and formulating the rules of the multilateral trading system.
"The heads of delegations emphasized the position of the SCO member-states in favor of encouraging regional economic cooperation in various forms, facilitating the creation of favorable conditions for trade and investment for the purposes of gradual implementation of free movement of goods, capital, services and technologies," the document says.
On November 1, the SCO held its 21st meeting of the SCO Council of Heads of Government (Prime Ministers) via video-conference. It was chaired by China. The meeting was attended by the heads of governments of Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. India and Pakistan were represented by their foreign ministers. Observers-states Belarus, Mongolia and Iran were also present. At the invitation of the chairman, Turkmenistan took part in the meeting.
