The Ministry of Industry and Trade announced an increase in the volume of trade between the Russian Federation and the SCO countries in two years

Russia's trade volume with the member states of the Shanghai Cooperation Organization (SCO) increased 1.5 times from 2022 to 2024, exceeding $400 billion. This was announced on July 7 by the head of the Ministry of Industry and Trade Anton Alikhanov.

"Russia's economic ties with the SCO member states have also significantly strengthened. For example, the volume of trade with the countries of the Shanghai Cooperation Organization has increased 1.5 times since 2022 and exceeded $400 billion by the end of 2024," he said at a meeting of SCO industry ministers at the Innoprom exhibition.

In just the past two years, the trade turnover between these countries has increased by 30% and reached almost $1 trillion. According to the results of last year, the total GDP of the SCO member countries amounted to $24.6 trillion, which is about a quarter of the global total. At the same time, the inflow of foreign direct investment over the past year amounted to over $84 billion.

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