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Shanghai Cooperation Organisation (SCO) Summit
Why is it in news?
- In a recent address at the Shanghai Cooperation Organisation (SCO) Summit, Prime Minister Modi hit out at unilateralism and trade protectionism.
- He said that there is a need for a rules-based, anti-discriminatory and all inclusive WTO-centred multilateral trading system.
More in news
- Context of remarks: His remarks come amidst the raging trade war between the U.S. and China.
- Address by Indian PM:(1) Pm said that economic cooperation is the basis of our people’s future.(2) There is a need for rule-based, transparent, anti-discriminatory, open and all inclusive WTO-centred multilateral trading system focused so that the interests of every country specially the developing ones can be taken care of.
- India’s stand: India is committed to ensuring a favourable environment for the economic cooperation between the SCO member countries.
- Chinese President address: President Xi said India and China should uphold free trade, and multilateralism, without directly referring to the ongoing China-U.S. trade war.
- Bishkek Declaration of SCO:(1) The SCO member states said the situation in global politics and economy remains turbulent and tense, and the process of economic globalisation is being hindered by the growing unilateral protectionist policies and other challenges in international trade.(2) The declaration stressed the importance of further improving the architecture of global economic governance, and deepening cooperation to build a transparent, predictable and stable environment for the development of trade and investment cooperation.
Source
The Hindu