“SCO and the EAEU: joining efforts to realize the economic potential of the region and the global economy”


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“SCO and the EAEU: joining efforts to realize the economic potential of the region and the global economy”


Source: CCI of Russia news reports      Published:2020-11-03

"SCO and the EAEU: joining efforts to realize the economic potential of the region and the global economy" was the title of the thematic session of the Shanghai Cooperation Organization Business Forum held today in the form of a video conference (the sessions of the forum are held on November 3 and 5, and the final plenary session will be held on November 6).

The session was moderated by Timofey Bordachev, Director of the Center for Comprehensive European and International Studies, Faculty of World Economy and International Affairs, National Research University - Higher School of Economics.

Sergei Glazyev, Member of the Board (Minister) for Integration and Macroeconomics of the EEC, made a keynote speech.

The participants of the event discussed possible ways of developing cooperation and mutual understanding between the EAEU and the SCO.

An important milestone, as Sergei Glazyev noted, for example, is the creation of conditions for the transition to national currencies in mutual trade and joint investments, the creation of common development institutions that support investments in national currencies. It is possible to harmonize the systems of currency regulation, integrate banking systems, etc.

The discussion was attended by the Secretary General of the European Institute for Political, Economic and Social Research Marco Ricceri,

Danil Ibraev, President of the Kyrgyz Union of Industrialists and Entrepreneurs, Iranian Ambassador to the Russian Federation Kazem Jalali, Wang Wen , Executive Dean of the Chongyang Institute for Financial Research, People's University of China, Sergei Krasilnikov, RSPP Vice President, and others.

The SCO, originally created to ensure the security of joint borders, fight terrorism and illegal cross-border traffic in drugs and other goods, has focused significantly more on the economics-oriented portion of its activities in the past two decades.

Cooperation between the two organizations meets the strategic interests of our EAEU and SCO member states, the speakers emphasized, in addition, Russia, Kazakhstan, and Kyrgyzstan are members of both organizations. Deepening interaction between the Eurasian Economic Union and the Shanghai Cooperation Organization is one of the priorities of the EAEU's international activities, which includes introducing the concept of forming a Greater Eurasian Partnership.

As the participants of the event noted, the SCO member countries account for more than 30 percent of world GDP ($ 38.5 trillion), more than 16 percent of world trade ($ 5.5 trillion) and over 41 percent of the world's population (3 billion people) . This shows huge potential for economic and humanitarian cooperation, which is to be realized with benefit for each member country of the association.

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