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SCO countries oppose unilateral sanctions undermining trading system

Proposals for the creation of an independent settlement-clearing mechanism and the convergence of payment systems were also among the issues discussed at the meeting, the statement said

ISLAMABAD, October 16. /TASS/. The Shanghai Cooperation Organization (SCO) nations are against unilateral sanctions and restrictions that undermine the trading system, according to the final statement passed following the meeting of the Council of Heads of Government of SCO member states.

"They (SCO member states - TASS) also oppose protectionist actions, unilateral sanctions and trade restrictions that undermine the multilateral trading system and impede global sustainable development. The heads of delegations emphasized that the unilateral application of sanctions is incompatible with the principles of international law and has a negative impact on third countries and international economic relations," the statement reads.

"The Heads of Delegation consider it important to continue joint efforts to counter protectionist trade measures that are contrary to WTO rules and regulations, as well as to continue working on strengthening the rules-based WTO, non-discriminatory, open, equitable, inclusive and transparent multilateral trading system, based on the WTO," according to the document.

The Heads of Delegation noted the tectonic shifts in the global economy, characterized by rapid advancements and interconnectivity in the areas of information technology, digitalization, artificial intelligence, virtual/digital assets, e-commerce, etc. They expressed concern over the exacerbation of various challenges that have led to reduced investment flows, disrupted supply chains and uncertainty in global financial markets as a result of protectionist measures and other impediments to international trade.

Proposals for the creation of an independent settlement-clearing mechanism and the convergence of payment systems were also among the issues discussed at the meeting, the statement said.

"They [SCO member states] highlighted proposals for the establishment of an independent settlement-clearing mechanism, as well as for the convergence of payment systems by interested member states [of the organization]," according to the document.

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SCO Trade & Cooperation

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