Kazakhstan, Kyrgyzstan Urge SCO Countries to Establish Common Financial Bodies

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(Reuters) The Kazakh and Kyrgyz presidents on Tuesday urged the Shanghai Cooperation Organization (SCO) members to establish financial institutions to implement significant projects, as leaders sought to boost cooperation within the Eurasian bloc.

India virtually hosted the SCO Council of Heads of State, where President of Kazakhstan Kassym-Jomart Tokayev said it had been more than 20 years since member countries had implemented a major economic project.

He suggested SCO member governments to fill in the gap of financial cooperation and create a joint investment fund supporting significant projects.

"In our opinion, the economic agenda of the Shanghai Cooperation Organization should focus on such tasks as creating favorable conditions for increasing mutual trade turnover, removing existing trade barriers, and launching joint ventures," he said.

For his part, Kyrgyz leader Sadyr Zhaparov said establishing a development bank and the SCO development foundation, which will facilitate the transition to payments in national currencies, is a necessity.

Zhaparov said the institutions will contribute to the economic and social development of the SCO members, as well as deepen regional cooperation.

Tajikistan's President Emomali Rakhmon, who was also present during the online summit, said drug trafficking from Afghanistan should be countered, and called for increased cooperation to create a joint drug control body.

The security and political group formed in 2001 by Beijing and Moscow includes India, Pakistan, Kazakhstan, the Kyrgyz Republic, Tajikistan and Uzbekistan.

Iran joined the grouping on Tuesday, becoming its ninth member.

Belarus, meanwhile, signed a memorandum of obligations which will lead to its membership in 2024.