Economic Significance Of PM Modi's SCO Meet In Uzbekistan: 5 Points
- Accounting for almost a quarter of the world's Gross Domestic Product (GDP), the SCO comprises the three major economies of the world - China, India and Russia - and the "stans", including energy-rich Kazakhstan. Kyrgyzstan. Uzbekistan. Iran, another energy-rich nation, is expected to join the grouping this year formally.
- According to a Chinese study, the total trade volume of SCO members increased from $667.09 billion in 2001 to $6.06 trillion in 2020. In addition, the report, compiled by Qingdao Customs and Qingdao-based Ocean University of China, stated that the share of SCO members in global trade rose from 5.4 per cent in 2001 to 17.5Â per cent in 2020.
- In September 2003, the heads of the SCO member-states signed a 20-year "Programme of Multilateral Trade and Economic Cooperation". The programme intends to create a free trade zone within the SCO territory as a long-term goal. However, such a plan has not materialised so far.
- Under the aegis of SCO, the SCO Business Council is an entity which encourages greater linkages between business communities within the multilateral grouping. Another platform, the SCO Interbank Consortium, has been established to "provide funding and bank services for investment projects sponsored by the governments of the SCO member states." Moreover, negotiations for an 'SCO Development Bank' are ongoing.
- Foreign policy experts have been touting the SCO as a platform for India to engage with the Central Asian Republics, also called the "stans". In fact, in the 2021 SCO plenary, Prime Minister Modi stressed greater trade ties with Central Asia by connecting the region with the Chabahar port in Iran. India is developing the port. "If the region wants to benefit from fossil fuels or intra-SCO trade, we will need to lay more emphasis on connectivity," he said.
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India Exports Capital. Why Not Export Trusteeship?
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