The potential for deeper and more expansive SCO economic cooperation remains huge as regional cooperation starts to expand from project development to synergy in economic strategy, especially over the China-proposed Belt and Road Initiative.
Belt and Road cooperation is aimed at building an infrastructure and trade network to improve the interconnectivity of Asia, Africa and Europe along and beyond the ancient Silk Road trade routes.
China and other parties are exploring ways to coordinate the Belt and Road Initiative with regional cooperation initiatives such as the Eurasian Economic Union and national development strategies, including Kazakhstan's "Nurly Zhol" strategy.
The inclusion of India and Pakistan in the SCO expanded room for development of the Belt and Road Initiative in the region, whose GDP volume accounts for about one fifth of the global total.
In addition to enhanced transport connectivity, an SCO trade facilitation agreement will be an ideal first step to deepen regional economic cooperation.
The SCO will see its total GDP increase by 98.8 billion U.S. dollars if member countries exempt import tax, according to a report released by the Chinese Academy of Social Sciences.
Exports would increase 20 billion U.S. dollars while imports would grow 19.8 billion U.S. dollars in the region if member countries cut customs clearance time by 25 percent, benefiting all member countries, especially Central Asian nations and Pakistan, the report added.
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