The leaders of the Shanghai Cooperation Organisation (SCO) have agreed to take initiatives to increase the use of national currencies in trade among their countries, as per a joint declaration adopted on Friday.
The group includes China, India, Russia, and Pakistan along with four Central Asian states – called interested SCO member states showed consent to a roadmap for the gradual increase in the share of national currencies in mutual settlements, and called for growth of the practice.
However, further details were not provided yet and the group did not say who the interested states were. Moscow is considered as the key driver of the push toward national currencies as it is trying hard to reduce its reliance on the US dollar and other Western currencies for trade following the imposition of sweeping new Western sanctions in response to its invasion of Ukraine in February.
Meanwhile, addressing the SCO Council of Heads of State (CHS) meeting in Samarkand, Prime Minister Pakistan Shehbaz Sharif stated that flood devastation in Pakistan has displaced millions, and 1,400 people have died.
It is catastrophic of proportions unknown to the people of Pakistan and of course the entire world, the PM lamented, adding With your support, we will fight it out. These devastating floods in Pakistan are most definitely induced by climate change.
Cloud outbursts and unprecedented rains combined by hill torrents coming down all this put together made Pakistan look like a sea of water, Sharif said.
?But the point at issue is will this be the last time that a country is going to be a victim of this devastation? Or God forbid will others will also become a victim of this tragedy? he asked.
And this is where I would appeal and request all of you earnestly to let SCO stand up and build a wall against this menace. This can be done through a sustainable plan. He added Pakistans carbon emission is less than 1% yet nature had this in store for us.