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Veep calls on SCO to spur regional economic convergence
Iran’s first vice president said on Tuesday that the Shanghai Cooperation Organization (SCO) should turn into one of the driving forces of economic convergence across the region owing to its great capacities.
“The great human capacities, rich natural resources, strategic geographical position, and developing infrastructure among the members of this organization have provided us with exceptional opportunities to expand cooperation,” Mohammad Reza Aref told the 24th meeting of the SCO Prime Ministers in the Russian capital, Moscow.
“We need collective resilience in the face of future shocks; shocks such as energy insecurity, food insecurity, climate change, threats arising from new technologies, and the growing risks posed by monopoly and the existing dominance within global financial and monetary systems, which cannot be ignored.”
Given the current situation, the SCO member states need a collective move toward “intertwined economy” and the formation of “resilient national and regional economies.”
Referring to the previous meeting of the SCO member states, which was held in Chinese city of Tianjin from August 31 to September 1, the Iranian official said the drafting of the SCO’s ten-year development strategy, the roadmap for cooperation in the energy sector, and the issuance of numerous statements in various areas are among the important achievements of the Tianjin Summit.
Aref added that Iran is ready to play an active role in implementing the decisions of the Tianjin Summit and in achieving the goals of the organization.
He also called the active role of the private sector one of the key factors in the success of the Shanghai Cooperation Organization which comprises Iran, Russia, Belarus, China, India, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan.
Aref said that Iran emphasizes the expansion of the activities of the SCO Business Council and the Interbank Consortium, as well as strengthening their operational functions and their connection with joint economic and industrial projects.
The Business Council can become an important platform for expanding direct connections between the private sectors, developing trade and investment in the member countries, and facilitating the implementation of joint projects, especially in the areas of digitalization, artificial intelligence, and green technologies, Aref said.
The SCO covers about 24% of the world's land area and 42% of the global population. Member states account for roughly one quarter of global GDP, with total trade increasing nearly 100-fold in the past two decades.
It is the world's largest regional organization in terms of geographic scope and population.