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Global economy still in danger zone — SCO secretary-general

October 20, 2016, 11:29 UTC+3 BEIJING

The SCO secretary-general says in the coming decades the Eurasian macro-region will be the locomotive of the world economy

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BEIJING, October 20. /TASS/. The world’s economy continues to face a serious risk, there is a danger of a new economic recession, Secretary General of the Shanghai Cooperation Organization (SCO), Rashid Alimov, stated at the SCO’s conference on trade and economic cooperation, which is underway in Beijing. Its participants are discussing economic integration and trade cooperation of the organization’s members debating the possibility of simplifying trade and investment, financial liberalization within the SCO and other issues.

Risk of new global downturn

"Our conference is being held in the run-up to a meeting by the SCO Council of Heads of State that will open in Bishkek, Kyrgyzstan, in exactly two weeks. This is not a mere coincidence. The conference is to become a new SCO intellectual platform to discuss up-to-date issues on regional economic cooperation, hammer out scientifically grounded proposals and recommendations, which will be fostered and enhanced," Alimov said.

"The relevance of this approach is evident. The world economy is still facing serious risks. Despite sporadic blips in the recovery, the ongoing economic instability points to the risk of new, deeper and longer-lasting recessions," he warned.

"Most experts agree that in the coming decades the Eurasian macro-region will be the locomotive of the world economy, with advanced technologies concentrated there. A new modern infrastructure will be set up along with manpower potential when unleashed will provide conditions for strong economic growth to be concentrated there. This assessment, to some extent, is true of the SCO space," Alimov noted.

Prospects and cooperation issues

"The SCO is a young international organization," the secretary general said. "Over the past 15 years, it has earned well-deserved prestige and fit into the modern architecture of international relations. Nonetheless, the SCO has a distinct line of its own that meets the vital interests of its member-states."

Alimov pointed out that sometimes one may hear critical assessments of trade and economic interaction within the SCO. "Constructive criticism based on scientific analysis is always useful, it promotes the crystallization of new ideas, the development of truly breakthrough ideas," he explained. He noted though that the SCO had created a solid legal and instrumental platform that can facilitate the convergence of positions and approaches of the member-countries regarding the broad regional economic agenda and efforts to focus on the common goals of joint development.

The Shanghai Cooperation Organization is made up of Kazakhstan, Kyrgyzstan, China, Russia, Tajikistan and Uzbekistan, the process of full accession of India and Pakistan to the organization is underway. The SCO includes a total of 18 countries, including observer states and dialogue partners.

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