Efficient logistics and paperless system are critical to boost international trade, and strong connectivity is key to foster trade and economic development, Commerce Secretary Sunil Barthwal has said.
However, while making such efforts to bolster connectivity projects, it is essential to build trust as well as transparency in the cooperative efforts, he said addressing meeting of Ministers of Shanghai Cooperation Organization on Thursday.
The secretary noted that it is of utmost importance that "we uphold the principles of SCO Charter including respect for sovereignty and territorial integrity of the member states."
"Barthwal focused on the importance of efficient logistics for international trade, in which, paperless trading is a critical step towards streamlining cross-border transactions," the commerce ministry said in a statement.
He congratulated Pakistan for its Presidency of the Heads of Government of the SCO and welcomed Belarus on becoming the new member of the organisation.
"It was also highlighted that any effort towards fair trade practices cannot be complete without collective effort of the member states within the economies and more transparency to ensure wider economic outcome in the region," it said.
During the meeting, the ministers approved three documents covering different areas of cooperation, including Framework for Cooperation of the SCO Member States in the sphere of Development of the Creative Economy, and Concept of Cooperation between the Trade Promotion Organizations of the members.
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