Leaders of the Shanghai Cooperation Organization (SCO) member states issued a unified declaration on Monday reaffirming their commitment to the multilateral trading system during the ongoing SCO Summit in Tianjin. The statement emphasizes the importance of maintaining open markets, resisting protectionism, and strengthening World Trade Organization (WTO) principles amid global economic uncertainties.
The declaration comes as the bloc – comprising China, Russia, India, Pakistan, and Central Asian nations – seeks to bolster economic cooperation across Eurasia. Analysts note the timing aligns with growing concerns over supply chain disruptions and inflationary pressures affecting Asian markets.
General Secretary of the CPC Central Committee Xi Jinping highlighted during the summit that “inclusive multilateral frameworks remain vital for sustainable development.” The SCO members collectively represent over 40% of the world’s population and nearly a quarter of global GDP, giving weight to their advocacy for trade liberalization.
Business leaders have welcomed the statement as a stabilizing signal for cross-border investments, particularly in infrastructure and green energy sectors prioritized by SCO initiatives. The bloc also announced plans to deepen digital economy collaboration, potentially creating new opportunities for tech firms and startups across member states.
