https://sputniknews.in/20231024/de-dollarisation-sco-pushes-to-set-up-a-development-bank-at-meeting-in-kyrgyzstan-5041809.html
De-dollarisation: SCO Pushes to Set-up a Development Bank at Meeting in Kyrgyzstan
De-dollarisation: SCO Pushes to Set-up a Development Bank at Meeting in Kyrgyzstan
Sputnik India
Kyrgyz Republic, the current chair of the nine-country Shanghai Cooperation Organization (SCO), will prioritize the creation of a “Development Bank” to expand trade and economic cooperation.
2023-10-24T16:42+0530
2023-10-24T16:42+0530
2023-10-24T20:13+0530
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The Kyrgyz Republic, the current chair of the nine-country Shanghai Cooperation Organization (SCO), will prioritise the creation of a “Development Bank” and a Development Fund (special account)” to expand trade and economic cooperation, according to a statement by the SCO presidency.The roadmap was approved last September at the SCO Heads of State Council meeting in Samarkand which was attended by Russian President Vladimir Putin, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, the three biggest economies of the Eurasian group.Kochkonov stated that a Development Bank catering to the SCO states would also help in implementing joint economic and connectivity projects, which would lead to overall bolstering of trade and economic cooperation.The SCO National Coordinator noted that the “full potential” of trade and economic cooperation among the nine SCO states hadn’t been fully realised.The Chinese foreign ministry over the weekend announced that the SCO meeting would be attended by Premier Li Qiang, who will be in the central Asian nation at the invitation of Kyrgyzstan’s Prime Minister Akylbek Japarov.Pakistan's Ministry of Foreign Affairs (MoFA) recently announced that caretaker foreign minister Jalil Abbas Jilani will be attending the meeting on behalf of Islamabad.In addition to the Pakistani officials, the meeting will be attended by high-ranking officials and top diplomats from the other SCO states, as stated by Pakistan.SCO Priorities Under Kyrgyz PresidencyThe Council of Heads of Government is the second-highest forum at the SCO, according to an official statement.The CHG focuses on strengthening cooperation in the realms of commerce, economy and finance.During Kyrgyzstan's current presidency, enhancing cooperation in counter-terrorism through the SCO Regional Anti-Terrorist Structure (RATS) mechanism is one of our utmost priorities, as stated by Kyrgyzstan's National Coordinator.Kochkonov highlighted that thanks to Bishkek's initiative, the establishment of the 'Center for Combating International Organized Crime' was made possible, fostering enhanced coordination among the SCO states.The Kyrgyz Republic took over the SCO chairmanship from India, which hosted a virtual summit of heads of state in July.Iran was admitted as a full member of the SCO at the July summit, while Belarus is expected to be granted the status of a 10th SCO member state under the current chairmanship of the Kyrgyz Republic.Follow Sputnik India on Google News!
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De-dollarisation: SCO Pushes to Set-up a Development Bank at Meeting in Kyrgyzstan
16:42 24.10.2023 (Updated: 20:13 24.10.2023) India, Russia, and China, the three largest economies in the SCO, have taken political and practical steps to move away from the US dollar in their respective trade settlements.
The Kyrgyz Republic, the current chair of the nine-country Shanghai Cooperation Organization (SCO), will prioritise the creation of a “Development Bank” and a Development Fund (special account)” to expand trade and economic cooperation, according to a statement by the SCO presidency.
According to Kazybek Kochkonov, Kyrgyzstan's SCO National Coordinator, the creation of an SCO bank and fund would facilitate the full implementation of the "Roadmap for the transition to settlement in national currencies with SCO member states".
The roadmap was approved last September at the SCO Heads of State Council meeting in Samarkand which was attended by Russian President Vladimir Putin, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, the three biggest economies of the Eurasian group.
Kochkonov stated that a Development Bank catering to the SCO states would also help in implementing joint economic and connectivity projects, which would lead to
overall bolstering of trade and economic cooperation.
The SCO National Coordinator noted that the “full potential” of trade and economic cooperation among the nine SCO states hadn’t been fully realised.
The SCO chairman's remarks were made ahead of the 22nd meeting of the SCO's Council of Heads of Government (CHG), scheduled to take place in Bishkek on 25-26 October.
The Chinese foreign ministry over the weekend announced that the SCO meeting would be attended by Premier Li Qiang, who will be in the central Asian nation at the invitation of Kyrgyzstan’s Prime Minister Akylbek Japarov.
Pakistan's Ministry of Foreign Affairs (MoFA) recently announced that caretaker foreign minister Jalil Abbas Jilani will be attending the meeting on behalf of Islamabad.
In addition to the Pakistani officials, the meeting will be attended by high-ranking officials and top diplomats from the other SCO states, as stated by Pakistan.
SCO Priorities Under Kyrgyz Presidency
The Council of Heads of Government is the second-highest forum at the SCO, according to an official statement.
The CHG focuses on
strengthening cooperation in the realms of commerce, economy and finance.
During Kyrgyzstan's current presidency, enhancing cooperation in counter-terrorism through the SCO Regional Anti-Terrorist Structure (RATS) mechanism is one of our utmost priorities, as stated by Kyrgyzstan's National Coordinator.
Kochkonov highlighted that thanks to Bishkek's initiative, the establishment of the 'Center for Combating International Organized Crime' was made possible, fostering enhanced coordination among the SCO states.
The Kyrgyz Republic took over the SCO chairmanship from India, which hosted a virtual summit of heads of state in July.
Iran was admitted as a
full member of the SCO at the July summit, while Belarus is expected to be granted the status of a 10th SCO member state under the current chairmanship of the Kyrgyz Republic.
