Regional leaders meet in Islamabad today for key summit to discuss trade, security and other issues

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Participants of Shanghai Cooperation Organization (SCO) Summit pose for a group picture in Islamabad, Pakistan on October 16, 2024. (Government of Pakistan)
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People are seen at the Crescent and Star Monument, as Pakistan hosts the Shanghai Cooperation Organization (SCO) summit, in Islamabad on October 15, 2024. (REUTERS)
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Updated 16 October 2024
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Regional leaders meet in Islamabad today for key summit to discuss trade, security and other issues

  • Top officials from China, Russia, India, Iran and several Central Asian states are attending the two-day summit in Islamabad
  • On Tuesday, PM Shehbaz Sharif warmly greeted the visiting dignitaries, including Indian FM, at a dinner he hosted in their honor

ISLAMABAD: Pakistan is hosting the main session of a two-day summit of the Shanghai Cooperation Organization (SCO) in Islamabad today, Wednesday, wherein leaders from SCO member states are expected to discuss trade, security and other issues of mutual interest.

The prime ministers of China, Kyrgyzstan, Tajikistan, Russia, Belarus, Kazakhstan and Uzbekistan as well as Iran’s first vice president and the Indian external affairs minister are in Islamabad to attend the regional summit.

The Pakistani government has declared a three-day holiday in the federal capital of Islamabad since Monday, with schools and businesses closed to ensure security of foreign leaders attending the high-profile regional summit.

On Tuesday, Prime Minister Shehbaz Sharif hosted a dinner in honor of the visiting foreign dignitaries, wherein he was seen greeting and shaking hands with the attendees, including Indian External Affairs Minister Subrahmanyam Jaishankar.




Pakistan Prime Minister Shehbaz Sharif (right) shakes hand with Indian External Affairs Minister Subrahmanyam Jaishankar as he arrives at the Jinnah Convention Center to attend the Shanghai Cooperation Organization (SCO) summit in Islamabad, Pakistan, on October 16, 2024. (Government of Pakistan)

“On October 16, Prime Minister Sharif will chair the meeting of the Council of Heads of Government of SCO member states and deliver the opening remarks, followed by statements from the leaders of participating countries,” the Pakistani foreign office said in a statement.

The documents reflecting outcomes of the meeting will also be signed during the session that will conclude with Sharif’s closing remarks, according to the statement.

Pakistan’s Deputy Prime Minister Ishaq Dar and SCO Secretary General Zhang Ming will share a communiqué after the concluding session.

Pakistani authorities have locked down the capital to ensure security of foreign leaders attending the SCO summit. The government has deployed troops and blocked key roads, announcing alternate routes for the residents.

Sharif met with Central Asian leaders and discussed trade, investment and regional connectivity as part of his engagements on the first day of the summit on Tuesday,

Pakistan, faced with tough economic conditions, wants to position itself as a regional trade hub and to leverage its strategic geopolitical position and enhance its role as a pivotal trade and transit hub connecting China and Central Asia with the rest of the world.

Pakistani authorities have locked down the capital to ensure security of foreign leaders attending the SCO summit, while the government has deployed troops and blocked key roads, announcing alternate routes for the residents.


Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

Updated 05 December 2025
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Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

  • Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
  • Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight

ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.

The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.

Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.

“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement. 

“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”

Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.

Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.

Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said. 

Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.

Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.

Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.

In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.