SCO member states’ economies average drop will be 3.2 per cent in 2020: Putin

MOSCOW, Nov 10, 2020, Pan Pacific Agency. SCO member states’ economies average drop will be 3.2 per cent in 2020, and Russia’s trade with other member states decreased by 7 per cent in January-August, Russian president Vladimir Putin said today during the SCO state’s leaders summit. According to him, world’s ecomomics fall this year will be 4.4 per cent. “The coronavirus pandemic hits the global economy, leading to a global recession,” Mr. Putin noted.

The SCO “has developed a set of joint measures to remedy the situation. In particular, the implementation of the program of multilateral trade and economic cooperation of the member states until 2035, approved in 2019. It’s aimed at overcoming negative trends in mutual trade, at a significant strengthening of our ties in investment cooperation, financial and banking spheres, industry, energy, transport and other areas,” Russian president said.

During the summit “it’s expected that the action plan for implementation of the SCO development strategy until 2025, which includes about 150 practical measures aimed at improving the multifaceted activities of the organisation in the next five years, will be approved,” Vladimir Norov, the SCO secretary-general, told China Daily. Official said, that “special attention will be paid to measures aimed at economic recovery in the postpandemic period.”

“Given the economic problems caused by the pandemic in many countries of the world, the most important task within the SCO is to develop anti-crisis measures and collective actions contributing to the further progressive development of multilateral trade and economic, investment and financial cooperation,” Mr. Norov said.