In a development reinforcing Eurasian economic cooperation, the SCO Trade Council formalized a Memorandum of Understanding with the India Commonwealth Trade Council (ICTC) to expand structured trade engagement, technological collaboration, and cross-border investment linkages. The agreement was signed by Mr. Parmod Kumar, Honorary Trade Commissioner for the SCO region – Delhi, and Mr. Viral Chaudhary, Chairman of ICTC Gujarat, reflecting the SCO Trade Council’s continued commitment to strengthening commercial partnerships across its member states.
The MoU aligns with the broader economic objectives of the SCO Trade council, which seeks to enhance regional connectivity, promote industrial cooperation, and foster sustainable development among its member countries. By facilitating structured engagement with Indian industry networks, the SCO Trade Council aims to create practical pathways for businesses within the SCO framework to access new markets, technologies, and investment opportunities.
Technology-driven cooperation emerged as the principal focus of discussions. The partnership identifies advanced sectors such as agritech innovation, missile systems, anti-drone capabilities, and defense technology collaboration as areas of strategic relevance. These domains reflect the evolving economic and industrial priorities within the SCO region, where modernization of agriculture, strengthening of industrial capabilities, and technological self-reliance remain central to long-term regional growth.
The MoU also places emphasis on skill development initiatives to build a competitive and future-ready workforce capable of supporting advanced manufacturing and technology integration across SCO economies. Discussions included potential collaboration frameworks with Russia and other SCO member states to enhance industrial partnerships, knowledge exchange, and joint ventures aligned with regional priorities.
Sustainable manufacturing and industrial diversification were highlighted as complementary areas of cooperation. Expanding trade in food, FMCG, strengthening supply chains in tractor and agricultural equipment manufacturing, and advancing cooperation in the electric vehicle ecosystem were also recognized as areas of mutual interest.
Through this MoU, the SCO Trade Council reinforces its role as a facilitator of pragmatic economic diplomacy. The objective is to enable structured business engagement, encourage technology transfer, and promote joint industrial ventures that enhance the competitiveness of SCO member states within global markets.
