Full text of SCO prime ministers' statement on regional economic cooperation

The 14th Shanghai Cooperation Organization (SCO) prime ministers' meeting was held Tuesday in Zhengzhou, capital of central China's Henan Province. The prime ministers issued a statement on regional economic cooperation.

Following is an English version of the statement, which can be found on the official website of the SCO.

Statement of the Heads of Governments (Prime Ministers) of the Shanghai Cooperation Organization Member States on Regional Economic Cooperation

(15 December 2015, Zhengzhou)

Heads of Governments (Prime Ministers) of the Shanghai Cooperation Organization Member States advocating stronger economic growth in the SCO territory, improvement of well-being of peoples and resolution of the tasks of multilateral cooperation in trade and economy in the framework of the Organization, taking into account initiatives of member states for promotion of regional economic interaction, including the project of People' s Republic of China to create Silk Road Economic Belt, state the following.

1. Deeper regional economic interaction has great importance for further improvement of well-being of the peoples of the SCO countries and stable socio-economic development of the SCO member states.

Heads of Governments believe that with low restoration rate of the world economy development of regional economic interaction and partnership supports the search for new models of international cooperation and global governance. Gradual progress of this process is a positive factor in the cause of strengthening ties of partnership between states, increasing the volume of investment and consumption, expanding demand and employment, and ultimately securing multi-dimensional, balanced and stable self-sufficient growth.

In this regard Heads of Governments reaffirm their support for the initiative of People' s Republic of China to create Silk Road Economic Belt, which is in line with goals of development of the SCO.

2. Heads of Governments deem necessary to use existing progress and institutions of economic cooperation in the SCO. Proceeding from priorities of such fields as infrastructure building and production investment member states will expand bilateral and multilateral cooperation in trade and economy, together promote processes of industrialization and modernization in the region.

Taking into account the SCO Development Strategy 2025 special attention is paid to development of Action Plan for Further Development of Project Activities within the Framework of the Organization for 2017-2021 in view of further expansion of mutually beneficial cooperation on the issues of common interest, which will promote stable socio-economic development of the SCO member states and improve the well-being of their peoples.

3. Heads of Governments believe that to develop regional economic cooperation the following is important:

- Promote multilateral cooperation in the sphere of transportation and forming of international transportation routes, implement joint infrastructure projects in common interest, that provide greater transportation and communication capabilities and tapping transit potential of the region, development of railroad transport, including high-speed routes, creation of multi-modal logistics centers, introduction of advanced and innovative technologies on transport.

- Speed up the coming into force of the SCO Intergovernmental Agreement on Creation of Beneficial Conditions for International Road Transportation (12 September 2014, Dushanbe) and development of projects for separate agreements on facilitation of procedures and formalities on the issues of visas, border, customs, transport, phyto-sanitary and veterinary control in international road transportation. Take practical measures to implement the arrangements reached at the seventh Meeting of Ministers of Transport of the SCO Member States (15 May 2015, Ufa).

- Facilitate the increase in volume of mutual trade in goods and services, as well as improvement of its quality via diversification of goods structure, develop interaction in the field of e-trade.

- Promote creation of beneficial investment climate in the region.

- Cooperate in the field of industrialization, in relevant conditions create industrial parks or zones of economic cooperation in the territories of member states. Improve ties between enterprises for joint introduction of advanced technologies and jobs creation.

- Develop cooperation and forming of close trade, investment, scientific and technological ties in high-tech fields, such as information technologies, medical and education services, e-trade and energy efficiency, ensuring efficient protection of intellectual property rights including prevention, exposure and suppression of import and export of counterfeit goods.

- Promote financial cooperation in the framework of the SCO via creation of mechanisms of financial clearing for project activities. Together prevent and counter regional financial risks. Carry out currency swaps in the interest of upholding stability at the financial market. Use the capabilities of banking and investment structures to finance economic projects in the SCO space.

4. The Heads of Governments are convinced that joint work of the SCO member states in close cooperation with observers and dialogue partners with the SCO, which includes implementation of the Silk Road Economic Belt initiative, based on principles of transparency, mutual respect, equality, openness for all interested parties, will facilitate gradual stable economic growth in the interest of keeping and supporting peace and stability in the region. Endi