Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed full membership status granted to Pakistan in Shanghai Cooperation Organization (SCO) and believes it will help Pakistan’s economy to grow from strength to strength.
The chairman of regional standing committee of FPCCI Ahmad Jawad, in a statement on Sunday, said that he believes that the newly acquired full membership status will have a hugely positive and much needed impact on the national economy.
One Belt, One Road (OBOR) a Game Changer
Shanghai Cooperation Organization deals with one of the most populous regions of the world. In terms of percentages almost 25 percent of the global population will have some sort of impact of SCO. The relevance in such a case is hard to ignore as OBOR initiative is a total game changer for the region. The impact is even more so for Pakistan; a country that has already seen many positive economic indicators.
Jawad stated that SCO membership will help Pakistan gain more regional cooperation for coordinated handling of terrorism and extremism. The increased cooperating and integrated interests of many countries depending on Pakistan will help increase the international profile. It has already seen a positive impact on issues related to technical cooperation between Russia and Pakistan. The regional cooperation will only increase due to communication projects undertaken with China and its global partners.
This however, is only the beginning of the benefits that will be reaped from the membership. The fresh opportunity of economic growth comes in the form of connecting the Silk Road Economic Belt with Eurasian Economic Union. This may mean that Gwadar port may become the hub for trade for the Eurasian belt as well.
Tactful Dealing with Economic Partners
There, however, remains the need to be watchful in managing the cards with care dealing with the development partners. The economy that normally depends on World Bank, IMF, and United States must maintain cordial business ties with all partners and ensure that a balance is maintained, he said.
The opportunity to have better bilateral ties with India is also something that SCO should be used for. This follows full membership status grant from SCO to India as well.