SCO will create no free trade zone

Members of the Shanghai Cooperation Organization (SCO) are not going to create a free trade zone, Interfax-Kazakhstan reports citing deputy Foreign Minister of Russia Igor Morgulov. "I would like to remind that the SCO is not an integration union and a free trade zone is not on the agenda on this organization," he said. Speaking of the prospects of creation of a SCO bank, the speaker said that "the plans of creation of the Special Account and SCO Development Bank are not related to trade liberalization, but to the necessity of forming up mechanisms of financial support of projects in the organization". According to the diplomat, this issue is currently being discussed by the experts. Morgulov also noted that development of the regional economic cooperation and support to creation of conditions for trade and investments for a gradual transition to free movement of commodities, capital, services and technologies is an important component of the SCO activities. "This is written in the Organization's Charter and complies with the general logic of the global tendencies related to the globalization processes, establishing of effective cooperation and enhancement of economic connections under the existing regional structures," he said. Russian diplomat also refuted the existing point of view about SCO members not having a common opinion on the prospects of the organization's further development. "I doubt that the experts you are referring to have a full knowledge of the results of the Beijing SCO summit. Otherwise, they would have stated that the member-states have a clear vision on the organization's development direction," he said. "This solidarity was reflected in the main directions of the SCO medium-term development strategy approved by the presidents at the Beijing Summit," Morgulov said. He explained that cooperation in provision of regional security, countering terrorism, separatism, extremism, drug trafficking, trans-border organized crime, as well as resolution of the problems related to provision of international information security will remain the key issues of the SCO activities. "The SCO is not going to become a military-political block and its activities will not be aimed against anyone," Morgulov stressed. "At the same time the member-states unanimously called for development of economic development through implementation of joint projects." Besides, according to the diplomat, humanitarian sector is another important direction of the SCO cooperation.