Tashkent, Uzbekistan (UzDaily.com) -- On 4 July, the President of the Republic of Uzbekistan Shvakat Mirziyoyev participated in the latest meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) held in Astana.

During his speech, the leader of Uzbekistan emphasized the necessity of maintaining the atmosphere of trust and mutual respect within the Organization, as well as ensuring stable growth rates in all sectors.

It is noteworthy that the President of Uzbekistan consistently promotes the idea of forming a common economic space by initiating a new economic dialogue aimed at stimulating intra-regional trade, industrial cooperation, and transport connectivity not only within the SCO but also in other integration associations such as the CIS, CSTO, and EAEU.

The goal of these initiatives is to make the most effective use of the mechanisms of integration associations to fully harness the potential of member states, utilizing their internal reserves to enhance self-sufficiency and resilience of the common integration space.

Essentially, this involves building a system of reliable production and supply chains, creating conditions for value-added creation, and integrating into international trade and economic relations.

During the summit, the leader of Uzbekistan proposed the preparation of a "Cooperation Program in the Field of Cross-Border E-Commerce, with Integration of Existing Digital Trade Platforms." This step aims to unite the capabilities of platforms in different countries and facilitate trade between SCO member states. The development of e-commerce will boost trade, stimulate production, and allow domestic products to enter SCO markets with minimal financial costs.

According to the research agency "Global Data," over 2 billion people worldwide are involved in e-commerce. It is expected that by the end of 2027, the global e-commerce turnover will reach US$27.1 trillion.

Expert forecasts predict that by 2027, the volume of the e-commerce market in Uzbekistan will increase sixfold to US$1.76 billion, with an average annual growth rate of 41.4%.

Furthermore, the President of Uzbekistan emphasized the need to develop an "Agreement on Trade Facilitation Procedures within the SCO," which will eliminate trade barriers between member states, standardize technical regulations and certification, and unify phytosanitary and veterinary control systems, giving an additional impetus to the economic development of the Organization.

In this context, initiatives to develop a "Package of Measures to Stimulate Mutual Investments" and a "Plan for Digitalization of Logistics Procedures" are also noteworthy. These are intended to strengthen industrial cooperation and expand the variety of logistics routes within the SCO space.

It is important to note that the implementation of these initiatives will have a synergistic effect, significantly increasing the pace of multifaceted cooperation within the organization.

Ultimately, the realization of the proposals voiced by Shavkat Mirziyoyev at the summit in Astana will contribute to the comprehensive and diverse development of both the SCO and each of its participants and partners in the future.

Bahromjon Sotiboldiev,
Head of ISMI Department