Mikhail Mishustin: Share of SCO Member States in Global GDP to Reach 35% by Year-End

The share of Shanghai Cooperation Organisation (SCO) member states in the global GDP will increase to 35% by the end of the year. This was stated on 18 November by Mikhail Mishustin, Chairman of the Government of the Russian Federation, during an expanded-format SCO meeting at the National Centre RUSSIA. The event’s aim was to give a new momentum to cooperation within the organisation and to formalise decisions taken by the leaders of the states at the high level. The meeting is going to be the final event of Russia's chairmanship of the SCO Heads of Government Council in 2024-2025.

"In September, while visiting China, President of Russia Vladimir Putin noted that the Shanghai Cooperation Organisation unites like-minded parties committed to the ideas of building a just, multipolar world order. Last year, the combined exports of our states amounted to about one-fifth of the global figure, and the share of SCO members in the global gross domestic product had already reached one-third. According to forecasts, by the end of this year, it will grow even further — to 35%. Today, the Shanghai Cooperation Organisation comprises ten countries, two observer states, and already fifteen partners. The geography of our organisation covers almost the whole of Eurasia," said Mikhail Mishustin.

The head of the Russian government urged the colleagues to effectively use the collective potential of the states to improve the well-being of citizens. Over the period of the Russian chairmanship, the focus had been on advancing trade, economic, investment, and financial cooperation, as well as on active work with business and youth structures. This included establishing a fair and sustainable energy model, developing international transport corridors, and introducing digital technologies.

According to Mikhail Mishustin, fulfilling the common plans requires an independent and reliable financial infrastructure. A special expert group is being established to improve it. The cooperation between the states covers several promising areas — from artificial intelligence and space technologies to the climate agenda and industrial cooperation. Particular attention during Russia's chairmanship was paid to strengthening technological sovereignty. Mikhail Mishustin also identified the creative industries as one of the points of economic growth: according to expert estimates, the SCO countries account for a significant portion of global exports in this sphere. The potential can be realised through joint projects and support for entrepreneurs, as millions of talented people living in the organisation's countries need opportunities to realise their ideas, the Chairman of the Government of the Russian Federation believes.

Concluding his speech, Mikhail Mishustin emphasised that the peoples of the SCO states are bound by a common historical memory and a respectful attitude towards each other's cultures and traditions.

"We celebrated together the 80th anniversary of the end of the Second World War and the founding of the United Nations. We have many opportunities to deepen interaction in the fields of science, education, healthcare, youth contacts, culture, art, tourism, and sport. Such initiatives are undoubtedly in demand by our citizens, and we must proceed to their practical implementation as soon as possible. The benchmarks for further joint work have been approved by the heads of states in the SCO Development Strategy until 2035. President of Russia Vladimir Putin emphasised that it predetermines the main directions of the SCO's activities in politics, economics, security, and the humanitarian sphere. I am confident that through our joint efforts we will ensure the fulfilment of these strategic plans," said Mikhail Mishustin.

Alexander Turchin, Prime Minister of the Republic of Belarus, noted that over nearly a quarter of a century, the Shanghai Cooperation Organisation has significantly expanded with new member states and partners. It has also become an authoritative dialogue platform for addressing a wide range of issues regarding the peaceful coexistence and prosperity of our countries and peoples.

"The economic component is the foundation of mutually beneficial partnership within the SCO. Its importance for ensuring regional security was confirmed by the discussions at the 3rd International Conference on Eurasian Security, which Minsk had the honour to host at the end of October. According to the World Bank, in 2024 the average economic growth in the SCO area was almost double the global average, and mutual trade turnover has been increasing year by year. The economic potential of the SCO is truly limitless," emphasised Alexander Turchin.

He recalled that the key proposals from the Belarusian side on strengthening the economic sovereignty of the SCO region were outlined by the President of the Republic of Belarus, Alexander Lukashenko, at the summit in Tianjin. These pertain to a dialogue on simplifying trade procedures within the SCO to reduce trade barriers, increase trade turnover and investment activity. This includes creating an independent SCO financial mechanism to reduce pressure from sanctions.

When countries use their national currencies in trade and investment, their economic cooperation becomes more efficient and self-sufficient, noted Alexander Turchin. However, he stated, it is necessary to create the states’ own payment and settlement infrastructure. The Belarusian side supports the idea of establishing an SCO Development Bank, which should operate in all countries of the organisation and provide additional stability and predictability to economic ties.

"The creation of a global Eurasian transit hub, including on the EAEU-SCO track, aims to reduce transactional costs for business, expand access for countries in Central and South Asia to the markets of Europe and China, and strengthen the resilience of trade flows in the face of external pressure. We see our task as the swift practical implementation of these proposals. One of the most important vectors of cooperation within the SCO is ensuring food security. Our country fully covers its own needs in food and holds a high position in the global ranking of food exporters," said the Head of the Government of the Republic of Belarus.

Russia's chairmanship of the Heads of Government Council has given a significant impulse to strengthening economic, trade, investment, and cultural-humanitarian ties in the region, the Prime Minister of Kazakhstan, Olzhas Bektenov, is certain. He noted that the SCO is seeking permanent solutions to improve people's lives and protect the planet from new challenges. In Kazakhstan, he stated, they intend to continue developing the SCO through strengthening friendship and good neighbourliness.

"President of Kazakhstan Kassym-Jomart Tokayev at the Tianjin summit supported the practical actions of the SCO aimed at developing free and fair international trade. In this context, it is important to develop and pragmatically use existing resources to stimulate predictable trade. Another important step could be the creation of an SCO Development Bank and the introduction of an investment project support mechanism," said Olzhas Bektenov.

He added that SCO countries need to improve transport links. According to World Bank estimates, the successful implementation of transport and logistics projects within the "One Belt -- One Road" initiative affects the growth of global trade volumes by up to six per cent annually. Olzhas Bektenov shared that Kazakhstan serves as one of the key transit hubs in Eurasia – over the last five years, the volume of transit traffic has almost doubled. By 2035, a further increase in transit potential to one hundred million tonnes is planned. He stated that the SCO is already becoming a leader in AI development, effectively using it in the era of global digitalisation.

The chairmanship of the Heads of Government Council of the member states of the Shanghai Cooperation Organisation passes to the Republic of Tajikistan. The Prime Minister of Russia, Mikhail Mishustin, congratulated his colleague from Tajikistan, Kokhir Rasulzoda, on this important and honourable mission.

The expanded-format SCO meeting at the National Centre RUSSIA was attended by: Mikhail Mishustin, Chairman of the Government of the Russian Federation, Chairman of the Heads of Government Council of the SCO member states; Nurlan Yermekbayev, SCO Secretary General of the Shanghai Cooperation Organisation; Ularbek Sharsheyev, Director of the Executive Committee of the SCO Regional Anti-Terrorist Structure; Alexander Turchin, Prime Minister of Belarus; Mohammad Reza Aref, First Vice-President of Iran; Olzhas Bektenov, Prime Minister of Kazakhstan; Adylbek Kasymaliyev, Chairman of the Cabinet of Ministers and Head of the Presidential Administration of Kyrgyzstan; Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan; Kokhir Rasulzoda, Prime Minister of Tajikistan; Abdulla Aripov, Prime Minister of Uzbekistan; Li Qiang, Premier of the State Council of the People's Republic of China.Observer states and dialogue partners of the organisation also participated in the expanded-format SCO meeting, including Subrahmanyam Jaishankar, Minister of External Affairs of India.

The SCO comprises ten permanent members: Belarus, India, Iran, Kazakhstan, China, Kyrgyzstan, Russia, Pakistan, Tajikistan, and Uzbekistan. Furthermore, a number of countries hold observer or dialogue partner status.