Tsivilev announced plans to adopt a statement on energy development at the SCO summit

A statement on sustainable energy development will be adopted at the Shanghai Cooperation Organization (SCO) summit in China. This was announced on July 17 by the Minister of Energy of the Russian Federation Sergey Tsivilev.

"We have approved a draft statement on sustainable energy development, which will be adopted by the leaders at the upcoming Tianjin Summit," he said at the opening ceremony of the SCO business forum in Beijing.

In addition, Tsivilev noted that the statement emphasized the need to strengthen energy security, as well as ensure stable energy markets and promote a fair energy transition "in accordance with national conditions and priorities."

The Energy Minister also added that most of the trade between the SCO member states is conducted in national currencies.

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On July 15, Indian Foreign Minister Subrahmanyam Jaishankar announced that guaranteed transit between the participating states and the development of the North-South International Transport Corridor (ITC) are needed to expand trade and investment within the SCO.