Putin Calls for Deeper SCO Economic Coordination and Unified Data Platform
Russian president outlines key priorities for industrial expansion, financial integration, and energy stability during meeting with SCO prime ministers.
Russia, PUREWILAYAH.COM — Russian President Vladimir Putin has urged Shanghai Cooperation Organization (SCO) member states to advance plans for a shared data bank, credit-rating harmonization, and deeper economic coordination, as trade turnover between Russia and the bloc reached $409 billion.
The remarks came during Putin’s meeting with the prime ministers of SCO nations, where he laid out several priorities to strengthen regional cooperation and accelerate industrial development.
Key Figures and Financial Integration Across the SCO
Putin highlighted a major milestone: trade between Russia and SCO countries has now reached $409 billion, underscoring the bloc’s expanding economic weight.
He added that the creation of an SCO bank and mutual recognition of credit ratings are currently on the organization’s agenda, signaling a move toward deeper financial integration.
The Russian president also emphasized the growing shift to local-currency settlements, noting that more than 97% of payments between Russia and its SCO partners are already conducted in national currencies.
SCO Data Bank Aimed at Accelerating Industrial Expansion
Putin told leaders that a joint data platform could significantly strengthen the SCO’s industrial and technological capabilities.
“The creation of such a tool will boost cooperation in the industrial sector, facilitate the joint development of production capacities, import substitution, the introduction of new technologies and digital innovations, including artificial intelligence,” he said.
Russian officials described the initiative as a catalyst for coordinated industrial planning and advanced technological development across the bloc.
Energy Markets, Eurasian Integration, and Unified Strategy
Putin reaffirmed Russia’s commitment to stabilizing global energy markets “despite attempts from the outside to affect supply chains,” stressing that coordinated action remains essential.
The proposal for a data bank comes as SCO economies continue to intensify cooperation through large-scale infrastructure projects, expanded transport corridors, and rising cross-border investment. China’s trade with fellow SCO members has multiplied over the past two decades, while Central Asian countries have benefited from new transit and logistics networks.
Against this backdrop, Putin called on member states to maintain unity:
“I am confident that by acting in a coordinated and united manner, by helping each other, we can achieve truly impressive results in developing the multifaceted cooperation between our countries.”
The SCO currently includes Russia, China, India, Iran, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Belarus, with several other countries holding observer or dialogue partner status. (PW)