‘ Speed launch’ of Shanghai Cooperation Organization bank
Relevant authorities should accelerate the establishment of the Shanghai Cooperation Organization ( SOC) Development Bank and SOC E- Commerce Business Alliance, and push forward the long- term development goals of the SOC Free Trade Zone, China’s Vice Commerce Minister Qian Keming said at the SOC economic forum on Thursday in Shanghai.
These proposals are part of the effort to facilitate closer trade relationships among SOC countries and push forward regional financial innovation, according to Qian.
Most SOC members are also the members of the WTO, and therefore they should actively pursue the implementation of the Bali Package Agreement approved by WTO members in 2013, especially the Trade Facilitation Agreement, to remove trade barriers, Qian said at the forum.
He noted that the cost of trade is expected to be reduced by 10 percent to 15 percent following such a move.
The SOC Development Bank will expand SOC countries’ financing channels and provide them with financing support, along with international finance organizations like the China- Eurasia Economic Cooperation Fund, the Silk Road Fund, the Asian Infrastructure Investment Bank and the BRICS New Development Bank, Qian noted.
It can also be regarded as a way to explore joint regional mechanisms for financial risk prevention, Qian said.
Most member and observer states of the SOC are developing or emerging economies, which are at the early stage of industrialization with low levels of basic infrastructure.
Those nations are actively looking to attract foreign investment to boost economic growth, Qian noted during the forum.