SCO Summit Concludes, New Economic Dialogue and Regional Cooperation Agreements

The 23rd Shanghai Cooperation Organization (SCO) Summit concluded today in Islamabad, marking a significant milestone as member states agreed on a new economic dialogue and signed several cooperation agreements. This major event was hosted by Pakistan after 27 years, with Prime Minister Shahbaz Sharif chairing the summit.

Held at the Convention Centre, the summit brought together top leaders from SCO member countries, including the Prime Ministers of Belarus, Kazakhstan, Tajikistan, and Uzbekistan, as well as dignitaries like Indian Foreign Minister S. Jaishankar, and Iranian Minister of Mines Seyed Mohammad Atabaki.

Key Agreements and Joint Declaration

During the summit, Eight agreements were signed focusing on political, economic, and security collaboration. The member states endorsed a comprehensive new economic dialogue, with an aim to strengthen trade, investment, and economic ties across the region. Additionally, leaders approved budgetary measures for the SCO Secretariat and formalized a framework for future cooperation on counter-terrorism.

The summit’s joint declaration underscored the importance of collaboration in green development, digital economy, technology, trade, and investment. Leaders emphasized building a non-discriminatory and transparent trade environment and opposed unilateral trade sanctions that conflict with World Trade Organization (WTO) rules.

Support for Belt and Road Initiative

The declaration reaffirmed the support of several member countries, including Pakistan, Kyrgyzstan, Belarus, Kazakhstan, Russia, and Uzbekistan, for China’s Belt and Road Initiative (BRI), which aims to enhance infrastructure connectivity across Europe and Asia. The leaders advocated for the efficient use of scientific and technological advancements to bolster the region’s economic capabilities.

Transition of Leadership to Russia

As part of the summit proceedings, the SCO presidency was officially handed over to Russia, which will host the next summit in 2025. Prime Minister Shahbaz Sharif congratulated Russia on its new role and emphasized Pakistan’s continued efforts to contribute positively to the region’s growth.

PM Shahbaz Sharif Calls for Global Attention on Gaza Crisis

In his closing remarks, Prime Minister Shahbaz Sharif used the platform to address the ongoing conflict in Gaza, describing the situation as a humanitarian crisis that requires urgent intervention from the global community. He called for a peaceful resolution in the Middle East through the establishment of an independent Palestinian state, while reaffirming Pakistan’s commitment to peace and stability within the region.

The summit concluded with a commitment from the SCO member states to continue enhancing economic, cultural, and security cooperation, while also addressing broader global issues that affect the region. The successful hosting of the event by Pakistan was seen as a reaffirmation of its pivotal role within the SCO framework.