Shanghai Cooperation Organization May Establish A Free Trade Area Of The Silk Road

Uzreport
Posted: 2008-05-21 12:44:48

Member states of the Shanghai Cooperation Organization (SCO) do not rule out an opportunity to create a regional free trade area, Kazinform reported quoting Kazakh Vice Foreign Minister Nurlan Yermekbayev.

A round table meeting on the "SCO – modern model of regional cooperation", held on 19 May, noted that to date the SCO extended its activity ranging from security problems to trade and economic cooperation.

"Last year commodity turnover between the SCO member states exceeded US$50 billion. According to the forecasts, in the nearest time sales may hit US$70 billion," the Kazakh official said.

"This fact testifies to huge potential of economic collaboration of the SCO countries in all spheres – agriculture, machine building, oil and gas sector and high technologies. SCO successful economic development is one of the key terms to have Central Asian stability preserved," he added.

The SCO groups China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.