Business
17:20, 06-Jun-2018
Infographic: A quick guide to SCO's economic and trade relations
["china"]
Share
Copied
As an indispensable element to economic growth, trade has brought the SCO members closer with China, which has become the largest trading partner of Russia, India, Pakistan and Kyrgyzstan, and the second largest of Kazakhstan, Uzbekistan and Tajikistan.
Still the potential for deeper and more extensive SCO economic cooperation remains huge as regional cooperation starts to expand from project development to synergy in economic strategy.
An SCO trade facilitation agreement will be an ideal first step to deepen regional economic cooperation.
The SCO will see its total GDP increase by 98.8 billion dollars if member countries exempt import tax, according to a report released by the Chinese Academy of Social Sciences.
Exports would increase 20 billion dollars while imports would grow 19.8 billion dollars in the region if member countries cut customs clearance time by 25 percent, benefiting all member countries, especially Central Asian nations and Pakistan, the report added.