India hosts SCO Foreign Trade and Economic Ministers Meeting

On October 28, 2020, the Union Commerce and Industries Minister Shri Piyush Goyal chaired the 19th SCO (Shanghai Cooperation Organisation) foreign trade and economic ministers meet.

Highlights

During the meet, the Minister remarked that countries have to leverage their Economic Strength to enhance trade and investment in the region. This according to the Minister will help in enhancing the speed of recovery from the covid-19 pandemic. This will help in global economic growth as the SCO countries collectively account to 1/7 the of global trade in goods and 1/8th of global trade in commercial services.

Documents adopted during the meet

During the meeting the members of the Shanghai cooperation organisation adopted four documents. They were initiatives on multilateral trading system, intellectual property rights, response to covid-19 and MSME. Under the statement of multilateral trading system, the countries that are the members of World Trade Organisation highlighted that rule based multi-lateral negotiation is essential to improve economic growth.

The statement on intellectual property right emphasized on sharing information and experience about enforcement and legislation and also cooperation in multilateral organisations.

Other recent developments in Shanghai cooperation organisation

On October 28, 2020, The Shanghai cooperation organisation transport ministers meeting was held India was represented by the Union Minister of Road Transport and highways. The connectivity with the Shanghai cooperation organisation countries important for India. The sincere involvement of India in connectivity is evidently seen in projects such as Bangladesh, Bhutan, India, Nepal initiative; India Myanmar Thailand Highway; Chabahar port; International north south transport corridor; Asghabat Agreement.

SCO startup forum

On October 27, 2020 the first-ever SCO startup forum was held. The start-ups from all the Shanghai cooperation organisation countries participated in the forum under the chairmanship of India. The startup forum was launched by the minister of Commerce and industries Shri Piyush Goyal.

Month: Current Affairs - October, 2020