SCO nations urged to strengthen ties

With improved connectivity projects such as the Trans-Caspian International Transport Route and new railway express services, China and Kazakhstan still have room to further strengthen their co-development strategies and seek new areas for collaboration, especially in big data, finance, cross-border e-commerce and green energy, he said.

The Trans-Caspian International Transport Route is a rail freight corridor linking China and the European Union through Central Asia, the Caucasus, Turkiye and Eastern Europe, according to the Asian Development Bank Institute in Tokyo.

"Improved rail and road transportation networks between China and Kazakhstan will benefit everyone," said Zhou Nianli, a professor specializing in foreign trade at the University of International Business and Economics in Beijing. "China's significant demand for imports from Kazakhstan will drive industrial upgrading in Kazakhstan."

As China will take over the rotating chairmanship of the SCO later this year, experts and business leaders emphasized that strong business ties between group members will further advance economic collaboration within the SCO framework.

Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said that initiatives such as the BRI have aligned with the SCO's agenda, promoting infrastructure development, trade and investment across Eurasia. This integration has spurred economic growth and enhanced regional connectivity.

Member nations need to revitalize trade and investment, and expand openness and inter-connectivity, especially as the global economy faces geopolitical and geoeconomic headwinds, Zhou said.

Established in 2001, the SCO has grown from six members into a robust platform with 10 member states, two observer states and 14 dialogue partners.

With all SCO members accelerating the implementation of the United Nations 2030 Agenda for Sustainable Development and reinforcing ties in areas of common interest such as production capacity, transport, finance and telecommunications, the group's economic cooperation is poised to expand significantly.

Gao Lingyun, a researcher at the Institute of World Economics and Politics, affiliated with the Chinese Academy of Social Sciences in Beijing, said these efforts will broaden the scope of trade and investment activities, which have traditionally focused on energy, natural resources, infrastructure and agriculture.

Digital trade, a crucial component of the digital economy, will help SCO member countries link information nodes across trade chains, minimizing information asymmetries and transaction costs, Gao said.

SCO member economies have joined the trend of digital development and reinforced regional economic cooperation in areas such as smart cities, telemedicine and manufacturing over the past several years, the Ministry of Commerce said.

Given that the economic growth of many SCO members heavily depends on the trade of commodities and agricultural products, it is practical for them to collaborate with companies in China to further diversify their trade portfolios, said Zhang Shaogang, vice-chairman of the China Council for the Promotion of International Trade in Beijing.

They can also work more closely together on environmental protection, climate change, biodiversity conservation and developing low-carbon economies to identify new growth points in the years to come, he said.

zhongnan@chinadaily.com.cn