FPCCI, GREF host round-table conference on SCO and Pak’s economic interests

LAHORE: The Shanghai Cooperation Organisation (SCO) conference aims to develop a broad-based multilateral policy framework for economic, educational, financial, and industrial cooperation among member countries. The conference will establish an SCO joint chamber of agriculture, commerce, industry, and mines, as well as a local currency SCO investment and trade development bank, independent of the dollar, euro, or British pound for all transactions. It also aims to promote trade in local currencies, a common currency, and barter.

This was pointed out at a round table conference titled ‘SCO and Pakistan’s Economic Interests’, which was held at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) regional office in Lahore, organized by the FPCCI and the Golden Ring Economic Forum (GREF).

President of the FPCCI Atif Ikram Sheikh highlighted the importance of collective commitment to enhancing Pakistan’s role within the SCO. He talked about the significance of the SCO, which includes major countries like China, India and Russia, representing a substantial share of the global population and natural resources.

“These member states collectively embody a vast market and play pivotal roles in regional trade, energy supply and geopolitical stability,” Sheikh remarked. The conference underscored the importance of regional integration through enhanced trade, investment, and cultural exchange, especially given the strategic positioning of Pakistan amidst neighbouring SCO countries.

Regional Chairman and Vice President of the FPCCI Zaki Aijaz stressed the need for constructive dialogue to leverage the opportunitiespresented by the SCO. He pointed out the significance of trade routes and economic collaboration, particularly in light of the China-Pakistan Economic Corridor (CPEC).

As the global economic landscape shifts, the conference attendees agreed that regional cooperation is essential. The discussions revealed vast opportunities for trade, energy partnerships and infrastructure development within the SCO framework, which Pakistan must actively pursue.

Lt Gen (r) Sikander Afzal, chairman of GREF, and Hasnain Reza Mirza, founder and president of GREF, proposed the establishment of several initiatives, including the SCO Customs Union, SCO Industrial Standards Organization, and a unified educational degree equivalence mechanism among member countries. These suggestions aim to further enhance cooperation and streamline economic processes within the SCO.

The conference concluded with a call for proactive policies that align with the dynamic needs of the region and Pakistan’s strategic objectives, underscoring the importance of the SCO as a vital platform for fostering regional collaboration.