Russia intends to further deepen ties with members of the Shanghai Cooperation Organization, and these ties are becoming stronger and more multifaceted, President Vladimir Putin said during his remarks at SCO Summit on 4 July 2023.
Last year, Russia’s trade with the SCO member states increased by more than a third – 37%, reaching a record high of US $263 billion. And in January-April 2023 it grew by another 35%.
“We are making wider use of national currencies for mutual settlements. In particular, over 80 percent of commercial transactions between Russia and the People’s Republic of China are made in rubles and yuan. The share of the Russian national currency in export transactions with all the SCO countries exceeded 40 percent in 2022”,Putin said.
According to him, Russia is taking an active part in the implementation of the SCO roadmap on the transition to national currencies in mutual trade, approved at the previous summit in Samarkand in Uzbekistan.
The President of the Russian Federation pointed out the importance of taking coordinated measures to eliminate regulatory barriers, establish the necessary payment infrastructure, and create an independent financial system.
At the same time, Russia stands for increasing cooperation between the SCO states in the investment and banking and financial spheres, in industry, energy, transport and logistics, agriculture, communications, digitalization and high technologies.
Touching upon the topic of maintaining security in the SCO space, Putin stressed that the priority of the SCO should remain counterterrorism, countering extremism and religious radicalism, curbing drug trafficking and other types of smuggling, combating militant formations.
Speaking about the reform of the SCO institutions, the Russian leader mentioned the decision taken last year in Samarkand to improve the organization’s activities. “Counterterrorism, countering extremism and religious radicalism, curbing drug trafficking and other types of smuggling, combating militant formations must remain a priority of the SCO”, he said.
Focusing on the humanitarian topic, the Russian President invited the SCO countries to take part in the International University Sports Festival, which will be held in Yekaterinburg, in August this year, as well as in the World Youth Festival, to take place in Sochi in March 2024. ///nCa, 5 July 2023
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