Echoed by member states of the Shanghai Cooperation Organization (SCO), the proposal of jointly building the
Silk Road Economic Belt put forward by China spells new opportunities for the economic cooperation between SCO members.
Arriving in Tashkent, Uzbekistan on the last leg of a three-nation Eurasian trip Tuesday, Chinese President
Xi Jinping will attend the 16th Meeting of the SCO Heads of State Council, which coincides with the 15th anniversary of SCO’s establishment, to discuss future cooperation among member states.
Given the significant development gaps among SCO economies and downward economic pressure, construction of the economic belt will help boost regional and multilateral cooperation for economic growth while bringing new vitality to SCO economies.
The Ufa Declaration issued last July pointed out that it is of great significance for SCO nations to launch consultation and information exchanges regarding the economic belt construction since they boast favorable conditions.
In terms of geological location, SCO member states, as well as observer states such as Russia, India and Pakistan, are both neighboring countries of China and countries along the route. The Eurasian Economic Union has signed a cooperation agreement with the SCO. Details are under further discussion.
Besides, most of the SCO members are also founding members of the Asian Infrastructure Investment Bank. In the principle of reciprocity and win-win cooperation, participating states share adequate space for cooperation.
The SCO Development Bank and Development Fund, when established, will provide a strong impetus for cooperation regarding the Silk Road Economic Belt.
Meeting mechanisms between commerce, transport and finance ministers under the SCO framework will help formulate rules for multilateral economic cooperation.
Moreover, the SCO also plays an effective role in setting up long-term economic cooperation, unifying technical standards and cutting down non-tariff barriers.
SCO states also face an urgent need to join and fight against the “three evil forces” in the security field.