Shanghai Cooperation Organization Demonstration Area (SCODA) institutional Innovation will facilitate Pak-China Trade, says a report published by Gwadar Pro on Wednesday. A forum titled Shanghai Cooperation Organization Demonstration Area (SCODA) Institutional Innovation cases was held. At the press conference, 20 business cases were centrally released.  SCODA has expressed cooperation intentions with Pakistan, Uzbekistan and other SCO countries to gradually promote mutual recognition of Authorized Economic Operator (AEO) with relevant SCO countries and deepen trade activities with SCO countries. Authorized Economic Operator (AEO) qualification is a “green” pass for global trade.

After signing a mutual recognition agreement between countries (regions), AEO enterprises can enjoy convenient treatment in customs clearance, which can effectively reduce the cost of port services, insurance, logistics, and improve their international competitiveness. In addition to promoting trade development with AEO mutual recognition and cooperation with SCO countries, the conference also released innovative cases involving logistics and transportation, production capacity cooperation, transformation of scientific and technological achievements, free movement of people, and convenience of financial supply, providing solutions for promoting trade facilitation and raising the level of economic and trade cooperation among SCO countries.

“These cases are aimed at the problems existing in the economic and trade cooperation between the SCO and BRI countries,” Meng Qingsheng, Member of the Party Working Committee and Deputy Director of the Administrative Committee of SCODA, highlighted on the occasion that, “SCODA has cumulatively launched more than 50 cases of system innovation. A number of distinctive and influential achievements of institutional innovation have been formed, and various innovative systems have been upgraded. We will speed up the pilot project for the innovation of two-way investment and trade systems among SCO countries.”

Credit: Independent News Pakistan-INP