“In the last year, our relationship has seen a huge upswing. It’s not often that we can say we had such a rapid exchange of Prime Ministerial visits. We have strong political comfort and people-to-people understanding. We would like more trade, more investment, more technological collaboration, and perhaps explore ways to work together on connectivity,” Jaishankar remarked.

Greek Foreign Minister Gerapetritis expressed Greece’s readiness to enhance bilateral relations across various sectors, including tourism, culture, and trade. He emphasized that the two countries have made significant strides in recent years and that Greece is keen on strengthening cooperation, particularly within the framework of the United Nations Security Council (UNSC), where both nations are members.

“In the last couple of years, the bilateral relations between Greece and India have been upscaled tremendously. We would like to upscale our bilateral relations in all respects, including tourism, culture, and trade. As members of the UNSC, we would like to echo the voice of India within the United Nations,” Gerapetritis said. “We would also like to be reliable interlocutors in the EU-India relationship. It is a unique opportunity for us as we celebrate 75 years of diplomatic relations,” he added.

The Greek Foreign Minister’s visit to India is part of efforts to deepen diplomatic and strategic ties between the two countries. On Wednesday, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal also welcomed Gerapetritis, noting that his visit would further strengthen the growing strategic partnership between India and Greece.

India and Greece have maintained a long-standing relationship, supporting each other on key international issues such as Kashmir and Cyprus. Greece has consistently aligned with India on the Kashmir issue and supported India’s bid for a permanent seat in an expanded UNSC.

The Indian community in Greece, which has steadily grown over the years, also plays a vital role in fostering people-to-people connections. According to the 2011 Greek census, there were around 11,333 Indian nationals in Greece, with current estimates ranging between 13,000 and 14,000. The majority of these expatriates are of Punjabi origin, particularly Sikhs, and are engaged in farming, construction, and manufacturing sectors.

Gerapetritis’ visit is expected to further cement India-Greece ties, with an emphasis on expanding collaboration in strategic, economic, and diplomatic areas.

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“We are not currently planning to establish a common payment system within SCO, but we are actively working on boosting the use of national currencies in transactions,” Yermekbayev said in response to a question regarding a common payment system.

The SCO’s push for greater use of national currencies in trade has gained momentum in light of Western sanctions, particularly those targeting Russia over the ongoing conflict in Ukraine. The SCO Secretary-General emphasized that a special roadmap is in place to advance this initiative, which includes modifying national legislation and building the necessary infrastructure to support national currency payments among SCO member states.

Yermekbayev highlighted that some countries within the SCO have already started using national currencies in their trade agreements. This aligns with the organization’s broader goals of enhancing financial sovereignty and reducing dependence on external payment systems, particularly those dominated by Western powers.

In addition to this, there are ongoing discussions about creating new financial structures within the SCO framework, including a Development Bank, Development Fund, and Investment Fund. These structures aim to promote economic integration and regional development among member states.

While discussions about a potential common currency have also been taking place within the BRICS group, the idea faces challenges, with U.S. President Donald Trump threatening tariffs on BRICS nations if they move forward with a unified currency.

Founded in 2001 by Russia and China, the Shanghai Cooperation Organization has expanded over the years to include India, Pakistan, and several Central Asian nations. The organization continues to focus on improving economic collaboration and security cooperation, with Yermekbayev emphasizing that military drills conducted under SCO are strictly anti-terrorist in nature and not aimed at any specific nation.

As discussions around financial independence and economic integration continue within the SCO, the organization’s efforts to strengthen trade in national currencies mark a key step toward reducing reliance on external financial systems.

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