China’s trade volume with the Shanghai Cooperation Organization (SCO) stood at 337 billion U.S. dollars in 2018, a rise of 47 billion U.S. dollars since 2013, with Russia and India emerging as Beijing’s biggest trading partners within the Eurasian bloc, according to a recent study by the Shanghai Cooperation Organization United Center for Business Cooperation, a copy of which was provided exclusively to CGTN Digital.
At a time when China and U.S. are embroiled in a prolonged trade war, the study released during the SCO Summit in Bishkek that concluded on Friday, thoroughly examines Beijing’s trade with other SCO countries while also highlighting the economic potential of the region that accounts for nearly half the global population and over 20 percent of the world’s gross domestic product (GDP).
The SCO was founded in 2001 by China, Russia, Kyrgyzstan, Kazakhstan, Tajikistan and Uzbekistan and expanded its membership in 2017 by including India and Pakistan as full members. In addition, Afghanistan, Belarus, Iran and Mongolia have observer status while six other countries, namely Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkey are on board as dialogue partners.
Infographics by SCO United Center for Business Cooperation
The U.S. remained China’s biggest trading partner in 2018 with the total trade volume of almost 600 billion U.S. dollars, nearly double the China-SCO trade figures. However, with the ongoing bitter standoff between the world’s two largest economies not showing signs of an immediate end, observers feel cooperation with SCO countries will be vital as China looks to increase its trade with other partners.
“China, one of the founding members of the SCO, will be pushing to deepen economic cooperation and integration between the countries of the region. With the upcoming ‘trade and tech war’ in mind, China understands that SCO will play a crucial role in the years to come as Beijing’s need for import of agricultural products and the demand for new markets of technology sale will increase,” Olim Alimov, Head of Beijing Office of the SCO United Center for Business Cooperation, told CGTN Digital.
http://www.china.org.cn/business/2019-06/16/content_74889257.htm
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