SCO Foreign Ministers’ Meeting

• 06 May 2023

On 4^th & 5^th May, 2023, the Shanghai Cooperation Organisation (SCO) Foreign Ministers’ meeting was held in Benaulim, Goa.

The meeting focused on stepping up economic cooperation, including national currency payments for mutual trade.

The key points of deliberations are as follows:

• Proposal for National Currency Payments: The proposal for national currency payments came from Central Asian members and was prompted by the Ukraine war and sanctions imposed on Russia, a founding member of the organisation.
• Economic And Cultural Cooperation: During India's presidency, the country is bringing issues of economic and cultural cooperation to the SCO's agenda, along with traditional security and terrorism issues.
• Induction of Iran and Belarus: The meeting also discussed the induction of Iran and Belarus as full members and considered applications for observer status for Kuwait, UAE, Myanmar, and Maldives to join the grouping.
• National Payments Collaboration: A final decision on all points, including national payments collaboration, will be taken at the SCO Heads of State Summit in July.