SCO Trade Ministers Adopt Action Plan 2026-2030 | Today’s news
Trade ministers of Shanghai Cooperation Organization (SCO) member states on Friday adopted a 2026-30 action plan to implement the bloc’s agenda for multilateral trade and economic cooperation, as India called for greater intra-SCO trade, lower trade costs and more resilient supply chains.
On September 17, the 25th meeting of ministers of SCO member states responsible for foreign economic and foreign trade activities was held in Dushanbe, Tajikistan.
India to meet
Yashvir Singh, who represented India at the meeting, highlighted the economic potential of the SCO and the need to translate it into tangible results through increased intra-SCO trade, reduction in trade costs, resilient supply chains and stronger connectivity, a Union commerce ministry statement said.
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Referring to the vision outlined by Prime Minister Narendra Modi at the SCO summit in Bishkek, India highlighted the three pillars of “security, connectivity and opportunity”, stressing their economic importance in strengthening supply chains, developing trusted connectivity and expanding market access opportunities for businesses.
The meeting comes as India continues to push for greater trade facilitation and digitization to reduce the time and costs associated with cross-border trade. India demanded simplified customs procedures, paperless trade and electronic exchange of documents along with stronger multimodal connectivity and shorter transit times.
India has also sought greater cooperation among SCO economies to diversify supply chains in strategic and emerging sectors, including agriculture, critical minerals, pharmaceuticals, manufacturing and electronics. He also highlighted the scope for cooperation in energy security, renewable energy and green hydrogen.
The Indian delegation highlighted the need to improve the participation of smaller businesses in regional and global trade, including through digital and cross-border payments and accessible trade finance for micro, small and medium enterprises (MSMEs) and start-ups.
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India also called for greater participation of the SCO economies in global value chains and reiterated its commitment to an open, inclusive and rules-based multilateral trading system with the World Trade Organization (WTO) at its core.
Result
The Ministers adopted the “Declaration of the Ministers of the Member States of the Shanghai Cooperation Organization Responsible for Foreign Economic and Foreign Trade Activities”.
They also agreed on an action plan for the period 2026-2030 for the implementation of the SCO’s multilateral trade and economic cooperation program, which will require further approval by the Council of Heads of Government, consisting of the heads of government of the SCO member states.
Ministers additionally approved regulations governing a special task force for the development of the creative economy among SCO member states.
The meeting took note of updates from the SCO Trade Council on its activities and Tajikistan on the work of the SCO Consortium of Economic Analysis Centers.
The next ministerial meeting on foreign economic and foreign trade activities will be held in Uzbekistan in 2027.
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The SCO is a Eurasian intergovernmental body focused on political, security, economic and cultural cooperation. It arose out of the “Shanghai Five” (China, Russia, Kazakhstan, Kyrgyzstan and Tajikistan), which was formed in 1996 to build military confidence and demilitarize borders after the collapse of the Soviet Union. Uzbekistan joined in 2001 and the group was formally established as the SCO in Shanghai on 15 June 2001. The SCO Charter was signed in 2002 and entered into force in 2003.
