5-pronged approach to strengthen the economy by enhancing trade and investment

On 28 October, 2020, India played host to the 19th Meeting of SCO Ministers of Foreign Economy and Foreign Trade, wherein Shri Shiv Khemka, Chairman National Chapter of SCO in India, called for a five-pronged approach to strengthen intra-SCO cooperation, thereby promoting start-ups and alleviating poverty.

October 28, 2020

19th Meeting of SCO Ministers was a clarion call to bolster trade and investment in the SCO region by encouraging partnerships.

Emphasis was given on the MSME sector to develop and encourage an amicable ecosystem with other SCO members.

To facilitate ease of doing business structural reforms, labour reform, occupational safety, working conditions codes play a key role.

Another agenda included tourism for regional cooperation along with food security and smart agriculture.

The ongoing COVID-19 crisis is a strident call to the SCO countries to augment trade and investment in the SCO region by influencing their economic strength and exploring partnerships.  At the 19th meeting of the Shanghai Cooperation Organisation (SCO), the discussions involved the SCO multilateral trade and economic cooperation Vision of 2035. This vision calls for the countries to work in tandem and promote mutual trust to combat the pandemic. The Indian industry is resilient, and its strength is very much seen in the fact that the industry was able to manufacture a gargantuan amount of PPE kits by 1100 companies, which have provided job opportunities for 1 million women. 

Emphasis was given to the need for promoting the safe and effective use of traditional medicine by regulating, researching, and integrating traditional medicine products, practitioners, and practice into health systems by SCO member states. Special encouragement was given to MSMEs and a plethora of start-ups involved in various fields of R&D, development, innovation clusters and many others involved in social development and innovation to ensure the development of an amicable ecosystem with other SCO members. Since India has ranked 63rd  on the Ease of Doing business ranking, it is pivotal to create an entrepreneurship ecosystem especially the MSMEs which are the backbone of our economies, focussing on social entrepreneurship and environment, SDGs, climate change for building sustainable energy and consumption in the SCO Member States. To facilitate further the ease of doing business in India, the structural reforms, labour reforms, security code and occupational safety, health and working conditions code will play a key role. Another agenda covered in these discussions were those related to tourism for regional and multilateral cooperation along with food security and smart agriculture for developing systems for a productive and efficient agricultural ecosystem.

The main goals of SCO are strengthening mutual trust and cordial relations among the member states; promoting their effective cooperation in politics, trade, the economy, research, technology and culture, as well as in education, energy, transport, environmental protection; maintaining and ensuring peace, security and stability in the region; and moving towards the establishment of a democratic, fair and rational new international political and economic order.