Piyush Goyal chaired the SCO Foreign Trade and Economic Ministers Meeting.

The Union Commerce and Industries Minister Shri Piyush Goyal chaired the 19th Shanghai Cooperation Organisation (SCO) foreign trade and economic ministers meet.

Highlights

The Minister addressed the meeting stating that the countries have to strengthen and open up their Economic Strength in order to enhance trade and investment in the region so that recovery speed from the covid-19 pandemic is enhanced.  The enhanced cooperation would help in global economic growth as the SCO countries  account for 1/7 the of global trade in goods and 1/8th of global trade in commercial services.

Adopted Documents

The members of the SCO adopted four documents during the meeting. The documents include-  initiatives on multilateral trading system, intellectual property rights, response to covid-19 and MSME. It has understated provisions:

  • Under the initiative on multilateral trading system the countries, which are the members of World Trade Organisation, highlighted that rule based multi-lateral negotiation is essential in order to improve economic growth.
  • The document of the intellectual property right emphasized on sharing information and experience about enforcement and legislation. It also include cooperation in multilateral organisations.

Significance of SCO to India

The Shanghai cooperation organisation transport ministers meeting was also held on October 28, 2020. India was represented by the Union Minister of Road Transport and highways. The connectivity with the Shanghai cooperation organisation countries is significant to India. India is sincerely involving in connectivity projects such as Bangladesh-Bhutan-India- Nepal (BBIN) project,  India Myanmar Thailand Highway, Chabahar port,  International north south transport corridor and Asghabat Agreement.

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