China calls for e-trade league within SCO

Moscow: China has called for the creation of an e-trade association within the Shanghai Cooperation Organization (SCO) and said it is ready to sign a framework agreement on trade in services.
“Our colleagues have just mentioned the digital economy. We are ready to step up cooperation with partners in this area in order to find new growth drivers. First and foremost, electronic trade. It is important to create a league, an e-trade association, so that trade brings us benefits,” Prime Minister Li Keqiang said.
He was addressing the 16th meeting of the Council of the SCO Heads of Government in the Russian coastal city of Sochi on Friday.
Li also urged relevant parties to enhance trade liberalization and facilitation, saying people should “cut down on tariff and non-tariff trade barriers, and jointly build an integrated regional market to unleash the trade potential in our region.”
“We propose that we follow the ‘from easy to difficult’ rule and the principle of progression, unwaveringly promote the liberalization and facilitation of trade, and accelerate the approval and signing of the SCO trade-liberalization agreement.”
Li said, “The gradual establishment of regional economic cooperation institutes should be fostered to support the SCO free-trade zone.”
The SCO has China, India, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Pakistan as its full members.
Calling for greater financing to connectivity projects, Li said a SCO development bank could be created for opening new funding channels.
“China suggests continued efforts be made to work out a viable plan for setting up an SCO development bank with a view to opening new funding channels,” he said.