According to the Secretary General of the organization Chang Ming, a special expert group of representatives of the central banks of the member states of the organization was created within the SCO. The Secretary General also noted that a roadmap is being implemented to increase the share of settlements in the national currency for the member states of the Shanghai Cooperation Organization.
“Issues of expanding the use of national currencies are also being promoted on the platform of the SCO Interbank Association, a public structure created to organize a mechanism for financing and banking services for investment projects supported by the governments of the SCO member states,” Chang Ming said in an interview for RIA Novosti.
The Secretary General added that “the expansion of the use of national currencies in trade finance operations, the intensification of work on the formation of a system of cross-border payments in national currencies and the exchange of relevant financial information is relevant today.”
He also stressed in his interview that the implementation of the roadmap will make it possible to embody long-term prospects for trade and economic relations among the members of the Shanghai Cooperation Organization. This is necessary for favorable conditions for the movement of goods, capital, services and technologies.
The SCO Secretary General further commented on the development of energy cooperation between the participating countries. The importance of cooperation in the energy sector was shown, according to him, by the COVID-19 pandemic, as well as geopolitical conflicts.
“Next, we need to work together to implement the agreements reached, ensure sustainable energy development and make sure that our countries-producers and suppliers of energy resources, as well as the region and the international community benefit from our cooperation,” Chang Ming said.
Finally, the Secretary General stressed the need to strengthen cooperation between the SCO and ASEAN, since the organizations “are adjacent to each other, have the same or similar cultural traditions and values.” He also said that ASEAN and the SCO have great opportunities for cooperation based on common interests. Areas of possible “contact of interests” are associated with issues of combating new threats and challenges, security, climate threats, as well as issues of investment, trade, science and technology, etc.
“Currently, there are those who are engaged in block confrontation and severing ties in the Asia-Pacific region, against this background, strengthening cooperation between the SCO and ASEAN is even more timely and necessary,” Chang Ming said in an interview.
The roadmap for a gradual increase in the share of national currencies in mutual settlements was signed in September 2022 in Samarkand (Uzbekistan). Then Vladimir Putin, who spoke at the summit, stressed that trade and investment exchanges between the SCO members continue to develop actively.
