Trade between Russia and SCO reaches unprecedented levels, reports media

Turnover amounted to $333 billion last year, the Russian trade minister says

Mutual trade between Russia and the members of the Shanghai Cooperation Organization (SCO) surged by 25% in 2023, amounting to $333 billion, according to Russian Industry and Trade Minister Anton Alikhanov, as quoted by TASS.

Speaking on Tuesday at the international industrial exhibition Innoprom in the Russian city of Ekaterinburg, Alikhanov said Russia’s direct investment in SCO countries had reached $10.2 billion. He added that “nearly the same amount came into Russia.”

“In economic terms, our country is one of the most active participants in the organization,” Alikhanov said.

Founded in 2001, the SCO comprises China, India, Iran, Kazakhstan, Russia, Kyrgyzstan, Pakistan, Tajikistan, Uzbekistan, and its most recent member Belarus. Several other countries participate in the role of observers. Currently, 14 countries, including Egypt as the only African state, hold SCO dialogue-partner status, which allows them to take part in the organization’s specialized events at the invitation of members.

The goals of the organization are to strengthen relations between member states and promote cooperation in the political, economic, scientific, cultural, and educational fields.

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Last week, speaking at the SCO summit in the Kazakh capital of Astana, Russian President Vladimir Putin said the use of national currencies in Russia’s settlements with fellow SCO members had exceeded 92%.

He reiterated Moscow’s proposal to develop an independent mechanism for settling payments within the SCO, adding that joint efforts made by finance ministers and central bank governors had helped to strengthen trade and investment ties within the group.