Shanghai Cooperation Organisation and Global Trade
The Shanghai Cooperation Organisation (SCO), also known as the Shanghai Pact, is a transcontinental political, economic, and security alliance. In terms of geographic scope and population, it is the world's largest regional organization, covering 60% of the area of Eurasia, 40% of the world population, and more than 20% of global GDP.
Increased trade among Shanghai Cooperation Organization member states has made a significant contribution to the global economy during the last two decades, and additional favorable measures are expected to be pushed out to enhance trade connections, according to experts and officials.
From $667.09 billion in 2001, the total trade volume of SCO member states climbed to $6.06 trillion in 2020. According to the authority, SCO member states' Customs have worked together in areas such as risk management, law enforcement, and pandemic prevention, and have made significant efforts in Customs clearance and facilitation to improve trade and economic development.
The core region of the China-SCO Local Economic and Trade Cooperation Demonstration Area, or SCODA, is located in Jiaozhou, a county-level city in Qingdao, and was opened in 2018 to serve SCO-related countries and economies interested in the Belt and Road Initiative. More than 1,700 trade enterprises have established themselves in the area, and ten trade platforms have been established.