ISLAMABAD: The 23rd meeting of ministers of the Shanghai Cooperation Organization (SCO) member states responsible for foreign economic and trade activities will kick off today, Thursday, in Islamabad, the foreign office said.
The event will be attended by ministers of SCO countries dealing with external trade and commerce and be chaired by Pakistani Commerce Minister Jam Kamal Khan.
“In their deliberations, the SCO Ministers will focus on ways to bolster regional cooperation for enhancing trade, advancing sustainable development and promoting connectivity among SCO countries for enhancing economic prosperity in the region,” the foreign office said in a statement.
“Deliberations and outcome of this Ministerial meeting will be discussed and approved during the upcoming meeting of Council of Heads of Government scheduled to take place on 15-16 October 2024 in Islamabad.”
Pakistan is hosting the meetings in its capacity as the incumbent chair of the SCO Council of Heads of Government, the second highest SCO forum that deals with all economic, trade, social, cultural and humanitarian issues as well as the personnel and budgetary matters of the organization.
The SCO represents a major cross-regional bloc, accounting for nearly half of the world’s population and a substantial portion of global GDP.
“Strengthening trade and economic ties within this framework is crucial for addressing shared challenges and tapping into the vast economic opportunities the region offers,” the foreign office added. “As the host and Chair of SCO-CHG, Pakistan is dedicated to using this platform to promote enhanced economic cooperation within the region.
“With its strategic geographical location and growing trade potential, Pakistan seeks to play a facilitating role in shaping the future of regional commerce and trade partnerships for the mutual benefit of the people of SCO countries.”
Shanghai Cooperation Organization commerce ministers conference kicks off in Islamabad today
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Shanghai Cooperation Organization commerce ministers conference kicks off in Islamabad today
- Event is being attended by ministers of SCO countries dealing with external trade and commerce
- Pakistan is hosting meetings in capacity as incumbent chair of SCO Council of Heads of Government
Pakistan reviews austerity measures amid Middle East crisis, urges strict nationwide implementation
- Deputy Prime Minister Ishaq Dar chairs review meeting of austerity steps
- Officials briefed on salary cuts, school closures, four‑day week, petrol conservation
ISLAMABAD: Pakistan’s government on Wednesday assessed progress on a sweeping set of austerity measures introduced to mitigate the country’s economic strain from sharply rising global oil prices and supply disruptions linked to the ongoing war in the Middle East.
Prime Minister Shehbaz Sharif this week announced a series of austerity steps, including a four‑day work week for government offices, requiring 50 percent of staff to work from home, cutting fuel allowances for official vehicles by half, grounding up to 60 percent of the government fleet and closing all schools for two weeks to conserve fuel amid the global oil crisis.
The measures were unveiled in response to global oil market volatility triggered by the conflict involving the United States, Israel and Iran, which has disrupted supply routes such as the Strait of Hormuz and pushed crude prices sharply higher, straining Pakistan’s heavily import‑dependent energy sector.
“The meeting stressed the importance of strict and transparent adherence to the austerity measures, promoting fiscal responsibility and prudent use of public resources,” Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar said in a statement.
He was chairing a meeting of the Committee for Monitoring and Implementation of Conservation and Additional Austerity Measures, constituted under the directions of the PM, bringing together federal and provincial officials to review execution of the broad cost‑cutting plan.
Dar emphasized the government’s commitment to enforcing the PM’s austerity steps nationwide. The committee’s review also covered reductions in departmental expenditure, deductions from salaries of senior officials earning over Rs. 300,000 ($1,120), and coordination with provincial administrations to ensure uniform implementation of the plan.
Participants at the meeting reiterated that all ministries and divisions must continue strict monitoring and reporting, with transparent oversight mechanisms, as Pakistan navigates the economic pressures from the prolonged Middle East crisis and its fallout on global energy and trade markets.
