Commerce and Industry Minister Piyush Goyal urges SCO nations to enhance trade and investment

The Union Minister of Commerce and Industry, Piyush Goyal on October 28, 2020, while speaking at the 19th meeting of SCO- Shanghai Cooperation Organisation ministers to explore partnerships and leverage economic strengths that can enhance trade and investments in the region. India hosted the meeting on October 27.

The Union Minister mentioned that the cooperation must be continued in order to enhance the intra-SCO trade and investment which will be extremely critical in ensuring the speedy recovery from the COVID-19 pandemic.

Attended the 19th Shanghai Cooperation Organisation meeting & called upon member countries to explore partnerships to enhance trade & investment in the region.

Also, reinforced the need for greater cooperation in intellectual property, access to medicines & growth of MSMEs. pic.twitter.com/cC1AM1QjAz

— Piyush Goyal (@PiyushGoyal) October 28, 2020

Key Highlights:

•  The Union Minister during his address mentioned that every nation’s world view has been shaped by its civilization and philosophical tradition. He added that India’s ancient wisdom sees the world as one family.

•  The 19th meeting of SCO minister responsible for Foreign Economy and Trade activities was also attended by the Ministers from Pakistan, Kazakhstan, Kyrgyz Republic, Russia, Uzbekistan, and Tajikistan. The Secretary-General of SCO also attended the meet.

•  Hardeep Singh Puri, the Minister of State for Commerce and Industry also spoke on the occasion.

•  SCO ministers also adopted four essential documents during the virtual meet for which Mr. Goyal noted that these outcomes are very important milestones for SCO solidarity.

Documents adopted by the SCO ministers:

•  A statement on the response to Coronavirus reinforcing the need for greater cooperation for the facilitation of trade and access to medical supplies was adopted.

•  A statement on the multilateral trading system of SCO countries ministers who are WTO members was adopted. It also highlights the significance of the rules-based multilateral negotiation.

•  A statement on SCO cooperation in Intellectual Property Rights was adopted.

•  An action plan for the implementation of Memorandum of Understanding in order to stimulate cooperation within the SCO framework in the area of MSMEs.