At SCO, Dar calls for promoting use of national currencies to help offset global economic shocks

Foreign Minister and Deputy Prime Minister Ishaq Dar called for member countries of the Shanghai Cooperation Organisation (SCO) to promote the use of national currencies for "mutual settlement" during the SCO Council of Heads of Government (CHG) meeting in Tajikistan. This was aimed at mitigating global financial shocks. He also voiced support for establishing financial mechanisms like the SCO Development Bank, Fund, and Investment Fund.

Russia and Iran, two SCO members, are impacted by Western sanctions that hinder their economic growth. Dar emphasized that accelerating the shift to national currencies would bolster the SCO region's defense against international financial disruptions. The China-Pakistan Economic Corridor (CPEC) is highlighted as an opportunity for SCO partners to participate in and expedite shared economic integration.

He also stressed the significance of targeted investments in energy and transport sectors for seamless economic integration. Dar criticized "protectionist policies and unilateral coercive measures" as they violated international law and hindered economic growth, technological advancements, and inequality. He advocated for reforming the global financial architecture and trade regimes for equitable global development.

Pakistan, as the current SCO chair, is focusing on peace, security, mutual trust; regional connectivity and trade; innovation, AI, and digital transformation; climate resilience and sustainable energy; and people-to-people exchanges for the upcoming SCO Council of Heads of State (CHS) summit in 2027.