SCO Member States Emphasize Importance of Multilateral Trading System

Strategic Insights -

The Shanghai Cooperation Organization (SCO) member states underscored the significance of a multilateral trading system based on World Trade Organization (WTO) rules, which they believe should play a crucial role in promoting inclusive economic growth and addressing global challenges. The SCO leaders stressed the need for constructive cooperation within the WTO framework and called on all parties to engage in dialogue and cooperation, abide by international trade laws, and eliminate restrictive measures that violate WTO rules.

Key Takeaways:

  • The SCO member states recognize the importance of a multilateral trading system based on WTO rules, with decisions made through consensus, openness, transparency, fairness, inclusiveness, equality, and non-discrimination.
  • The SCO member states oppose trade measures that violate WTO rules and emphasize the need for constructive cooperation within the WTO framework.
  • The SCO member states call on all parties to engage in dialogue and cooperation, abide by international trade laws, including WTO rules, and eliminate restrictive measures that violate WTO rules.
  • The SCO leaders emphasize the importance of reforming the WTO while preserving its fundamental principles to enhance its effectiveness and promote equitable and inclusive economic growth.
  • The SCO member states support accelerating discussions on the WTO's e-commerce work programme and reaching a resolution acceptable to all parties at the 14th WTO Ministerial Conference.
  • The SCO member states emphasize the importance of open, inclusive, stable, resilient, and diversified supply chains in achieving the Sustainable Development Goals.

Statistics:

  • 14th WTO Ministerial Conference to be held in Cameroon in 2026.
  • SCO member states recognize the importance of global food security, with 75% of the world's population, including developing and least-developed countries, depending on international trade for food.

Sources:

  • Ministry of Foreign Affairs of the People's Republic of China, September 1, 2021, Press Release.