‘SCO platform key to promoting trade among member states’

LAHORE: The ongoing Shanghai Cooperation Organisation (SCO) summit will be a platform to promote regional cooperation, trade, and financial connectivity among member states. President Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) Nazir Hussain said this while addressing a meeting at PCJCCI Secretariat on Tuesday.

According to a press release issued on Tuesday, he said the Council of the Heads of Govt (CHG) is the second-highest decision-making body in the SCO and played a pivotal role in shaping the organisation’s economic initiatives and deciding institutional matters.

He also shared about Pakistan’s dire economic situation marked by rising inflation, dwindling foreign reserves, and sluggish growth that required an urgent need for new economic partnerships.

He said by deepening its ties with member states, Pakistan stands to benefit from regional markets, infrastructure investments, and increased trade flows, particularly through China’s Belt and Road Initiative, he added.

PCJCCI Senior Vice President Brig (retd) Mansoor Saeed Sheikh said that the summit would boost Pakistan’s image and its future prospects, particularly at a time when the country is seeing positive developments in its economy.

He also emphasised the need for long-term peace in the Middle East and the importance of addressing the Palestinian issue, stating that Pakistan has always advocated for promoting peace at the SCO forum.

PCJCCI Vice President Zafar Iqbal highlighted the importance of the digital economy for Pakistan and the potential for regional integration through digital technologies. About 68% of Pakistan’s population consists of youth, and a large number of them are freelancers so the digital economy is very important for the country.

PCJCCI Secretary General Salahuddin Hanif said that Pakistan’s strategic location has long been seen as a geopolitical asset, but domestic challenges have often prevented it from fully leveraging this position. Now, through active participation in multilateral platforms like the SCO, Pakistan can secure both economic benefits and diplomatic capital.

He said Pakistan must also emphasise its strategic role in China’s Belt and Road Initiative, particularly the China-Pakistan Economic Corridor, and position itself as a key player in connecting Central Asia to global markets.

By doing so, it can strengthen ties with not just China but also with Central Asian republics that are eager for greater connectivity and economic integration.