The total trade value of Shanghai Cooperation Organization (SCO) member states has increased nearly 100 times over the past 20 years, and its proportion in total global trade increased from 5.4 percent in 2001 to 17.5 percent in 2020, according to the Report on Trade Development over 20 Years Since the Establishment of SCO, which was released on Feb 16 in Qingdao, Shandong province.

The Report on Trade Development over 20 Years Since the Establishment of SCO is released on Feb 16 in Qingdao, Shandong province. [Photo/chinanews]

According to the report, the global trade influence of SCO member states has continued to increase over the past two decades. The total trade volume of SCO member states increased from $667.09 billion in 2001 to $6.06 trillion in 2020.

The SCO has been actively involved in global trade cooperation since its inception. Although the trade value fluctuated due to the global economic situation in some years, it generally maintained a consistent increase trend.

China has been ramping up efforts to boost trade with other SCO members, and the total trade volume has increased from $12.15 billion in 2001 to $245.32 billion in 2020, the report revealed. China is now Uzbekistan's and Pakistan's largest trading partner, Russia's and India's second largest trading partner, Kazakhstan's and Tajikistan's third largest trading partner, and Kyrgyzstan's fourth largest trading partner.

The SCO has expanded from six member states in 2001 to eight member states, four observer states and six dialogue partner states. It is the world's largest regional organization in terms of geographic extent and population, covering three-fifths of the Eurasian continent and 40 percent of the global population as a Eurasian political, economic, and security alliance.

For more than a year, Qingdao Customs and Ocean University of China collaborated on the report, which objectively describes and quantitatively analyzes the operation and development achievements of international trade in the 20 years since the SCO's founding, using precise trade data.