SCO Member States Reaffirm Support for Multilateral Trading System

Strategic Insights -

At the recent Shanghai Cooperation Organization (SCO) Summit in Tianjin, the Council of Heads of State of the SCO adopted and issued the "Statement of the Council of Heads of State of the SCO on Supporting the Multilateral Trading System." The statement, aimed at addressing the challenges faced by the multilateral trading system, reaffirms the SCO's commitment to supporting the World Trade Organization (WTO) and its principles.

As the WTO marks its 30th anniversary in 2025, the multilateral trading system faces severe challenges. The abuse of tariffs by some countries has undermined the global economic and trade order, causing uncertainty and instability in global economic development. SCO member states, however, generally support the rules-based multilateral trading system and acknowledge the WTO's crucial role in global economic governance.

Key Takeaways:

  • The SCO Summit in Tianjin adopted the "Statement of the Council of Heads of State of the SCO on Supporting the Multilateral Trading System," which reaffirms the organization's commitment to the WTO and its principles.
  • The statement supports the rules-based multilateral trading system, opposes trade restrictive measures that violate WTO rules and principles, and calls for dialogue and cooperation among parties.
  • The SCO member states consider addressing global trade volatility and supporting an inclusive and beneficial multilateral trading system.
  • The statement prioritizes development, emphasizing the importance of assisting developing members in achieving industrialization and supporting the least developed countries' integration into the multilateral trading system.
  • The SCO will further strengthen communication and cooperation with other member states, promote WTO reform, and safeguard the legitimate interests of developing members.

Statistics:

  • 30 years mark the establishment of the World Trade Organization (WTO).
  • 2025 marks the 30th anniversary of the WTO's founding.
  • The abuse of tariffs by some countries has seriously undermined the global economic and trade order.
  • The valuation of the SCO's combined GDP in 2021 was over $750 billion.
  • 14 SCO member states account for approximately 40% of the world's land area.

Sources:

  • Ministry of Commerce website
  • Shanghai Cooperation Organization (SCO) website