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SCO Summit: Kazakh President announces proposal to reduce currency dependence risks

10 June 2018 10:57
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SCO Summit: Kazakh President announces proposal to reduce currency dependence risks

ASTANA. KAZINFORM - President of Kazakhstan Nursultan Nazarbayev announced a set of proposals within the framework of the SCO Summit in China, Kazinform correspondent reports.

"I am sure that the results of this meeting will contribute to further development of the organization in an eight-sided format with the accession of India and Pakistan during the Astana SCO Summit. Dear Counterparts, I would like to dwell on the following aspects of our cooperation: first, enhancing political dialogue and confidence, ensuring security and development within the space of our organization should remain the SCO's strategic priority. In this regard, we stand for the consistent implementation of our Treaty on Long-Term Good-Neighborliness, Friendship and Cooperation of the SCO Member States," the Head of State said at the summit.

According to him, it is the fundamental document of the partnership, without which it is impossible to achieve other goals set.

"The 2018-2022 Action Plan we are signing today to implement the provisions of the Treaty will become a roadmap for this path. Secondly, the overall strength of the three-billion human space of our countries should be used to intensify economic cooperation in the SCO - there is a large field of activity in this respect. It is important to ensure the transition of the implementation of trade investment projects between our countries from a bilateral to a multilateral level. We stand for creating joint mechanisms for financing projects and mobilizing technological resources within the framework of the organization," the President emphasized.

Nursultan Nazarbayev voiced the need to use the full potential of the SCO Interbank Association Council.

"Thirdly, many people in the world talk a lot about diversifying the basket of world currencies, reducing the currency dependence risks, and the emergence of cryptocurrencies. In this regard, we need to think about the transition to mutual settlement in the national currencies of all the SCO countries as one of the aspects of the security of our economies. After today's Summit in Qingdao, the central banks of our countries could gather together and start developing the respective roadmaps," the Head of State concluded.

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