The mutual trade between Russia and the members of the Shanghai Cooperation Organization (SCO) saw a significant surge in 2023, rising by 25% to reach an impressive $333 billion. This development was announced by Russian Industry and Trade Minister Anton Alikhanov during his speech at the international industrial exhibition Innoprom in the city of Ekaterinburg, as quoted by TASS news agency.
Alikhanov also revealed that Russia’s direct investment in SCO countries had reached $10.2 billion, with almost the same amount coming into Russia from those countries. He emphasized that “in economic terms, our country is one of the most active participants in the organization.
The Shanghai Cooperation Organization (SCO) was established in 2001 and currently includes China, India, Iran, Kazakhstan, Russia, Kyrgyzstan, Pakistan, Tajikistan, Uzbekistan, and Belarus. Several other countries participate as observers, while another 14 countries, including Egypt as the only African state, hold SCO dialogue-partner status, which enables them to attend the organization’s specialized events at the invitation of its members.
The primary goals of the SCO are to strengthen relations between member states and promote cooperation in various fields such as politics, economics, science, culture, and education. Last week, Russian President Vladimir Putin highlighted the growing use of national currencies in Russia’s settlements with fellow SCO members, stating that over 92% of trade had been conducted using these currencies. He also reiterated Moscow’s proposal to develop an independent mechanism for settling payments within the SCO and acknowledged that joint efforts made by finance ministers and central bank governors have significantly contributed to strengthening trade and investment ties among its members.
In conclusion, mutual trade between Russia and the SCO member countries has seen significant growth in 2023, highlighting Russia’s active participation in the organization. The use of national currencies for transactions has exceeded 92%, and efforts are underway to develop an independent payment mechanism within the SCO to further strengthen trade and investment ties among its members.