Economic Cooperation In The Shanghai Cooperation Organisation: Problems And Perspectives On Development

Abstract

Although economic cooperation is a priority of the Shanghai Cooperation Organization (SCO), it is characterized by low efficiency. The reasons for this lie in the fact that during the establishment of the organization, defense issues received the most attention. Over time, SCO members have begun to actively cooperate in the areas of trade, transport, industry, agriculture and customs regulation. An analysis of the regulations and mechanisms of economic cooperation within the SCO suggests that the difficulties of economic cooperation are due to differences in the priorities of the member states. Russia considers the SCO above all an instrument of defense, but China regards it as a full-scale organization of which close economic cooperation is a necessary element. For this reason, it has not yet been possible to establish rela tionships in the financial and banking sectors or to establish a relationship between the SCO and alternative integration projects (the Eurasian Economic Union and the Silk Road Economic Belt). Joint efforts with these organizations and the admission of new members to the SCO will facilitate further economic cooperation.

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