The volume of trade between Russia and the member states of the Shanghai Cooperation Organization (SCO) grew 1.5 times from 2022 to 2024, exceeding $400 billion, Russian Minister of Industry and Trade Anton Alikhanov said at a meeting of industry ministers of SCO member states held as part of the Innoprom exhibition.
“Russia’s economic ties with the SCO member states have strengthened significantly. For example, trade volume with the SCO countries increased by 1.5 times compared to 2022 and exceeded $400 billion by the end of 2024,” he said.
In general, over the past two years, trade turnover between SCO countries has increased by 30%, approaching $1 trillion. According to Alikhanov, the combined GDP of the SCO member states totaled $24.6 trillion last year, or about a quarter of global GDP. The inflow of foreign direct investment over the past year exceeded $84 billion, he added.
GSV "Russia - Islamic World"
Photo: fabrikasimf/Freepik
Based on TASS materials