Karachi: Irfan Iqbal Sheikh President FPCCI, Chairman of Pakistan Chapter of SCO Business Council emphasised that Pakistan must aggressively promote its trade, investment and economic ties with Shanghai Cooperation Organisation (SCO) nations as formidable bloc has cumulative GDP in upwards of $ 23.5 trillion and their total trade volume is $ 8.03 trillion.

He specifically pointed out need to establish currency swap mechanism to capitalise on true trade potential with SCO member countries and at same time, stabilise rupee through taking pressure off meager dollar reserves.

Speaking to high-profile SCO Business Council’s Board Meeting as country chief for Pakistan which was attended by representatives of economic giants like China, Russia, India and number of Central Asian countries Irfan Iqbal apprised that his will mean broadening of export markets, becoming part of major supply routes of world, major joint ventures and industrial collaborations, transfers of technology and knowledge and foreign direct investment by major retail, energy, industrial, construction and telecommunications groups and conglomerates from SCO countries.

Pakistan has implemented land-based logistics convention, i.e. TIR and is looking to forward to expand and integrate with SCO alliance’s land-based trade.

Mian Nasser Hyatt Maggo immediate past President FPCCI identified three major areas of cooperation with SCO. Regional trade, setting up banking channels for commercial transactional procedures and cooperation in dealing with climate change and exchange of early-warning information.

Published in The Daily National Courier, May, 03 2023

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