On Nov. 18, Russian President Vladimir Putin spoke to a meeting of Shanghai Cooperation Organization heads of government, which had convened in Moscow. Russia is the chair of the SCO Heads of Government Council until the end of this year. Putin’s remarks were short and to the point, stressing the importance of cooperation among SCO member states, underscoring his vision of a Greater Eurasian Partnership.
Tangible results are already being achieved, he said, noting that Russia’s trade with SCO nations grew to $409 billion last year, of which 97% is conducted in national currencies. In addition, SCO states are continuing to develop new payment and financial mechanisms given the “current volatile economic environment” worldwide. “[S]teps are being taken to expand the payment, settlement, and depository infrastructure. The agenda also includes consultations on the creation of a future SCO Development Bank, as well as on the mutual recognition of credit ratings and goods indicator systems.”
