SAMARKAND, September 16. /TASS/. The SCO (Shanghai Cooperation Organization) nations have pointed out the necessity of the inclusive reform of the World Trade Organization (WTO) to be carried out as soon as possible, with a focus on adjustment to the present economic reality, according to the Samarkand declaration of the Council of heads of SCO member states adopted on Friday.
"Member states urge to improve the efficiency of the WTO as a key platform for discussing the agenda of international trade and adopting the rules of the multinational trade system. They stress the necessity to carry out the inclusive reform of the organization as soon as possible with a focus on the issues of its development and adjustment to present economic reality, as well as the efficient implementation of the functions of monitoring, talks and dispute settlement," the document said.
SCO nations "confirm the importance of further improving the architecture of global economic management and intend to consistently defend and strengthen an open, transparent, fair, inclusive and non-discriminatory multi-sided trade system based on the principles and rules of the World Trade Organization," stand against protectionist actions and trade restrictions, according to the declaration. The members of the organization support efforts to promote regional economic cooperation, as well as facilitate the creation of favorable conditions for trade and investment for gradually ensuring the free movement of goods, capitals, services and technologies.
Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan confirmed the support of China’s ‘One Belt and One Road’ initiative in the declaration, noting the efforts on connecting the establishment of the Eurasian Economic Union and the ‘One Belt and One Road’ in particular.