A meeting of the Council of Heads of State of the Shanghai Cooperation Organisation (SCO) was held in Tianjin, China. During the meeting, 20 documents were signed, including the Tianjin Declaration and the SCO Development Strategy until 2035.
At the meeting, Chinese President Xi Jinping said that China would provide loans worth 10 billion yuan (US$1.4 billion) to members of the SCO Interbank Association and called for the establishment of the SCO Development Bank as soon as possible. His words were reported by the
Xinhua News Agency, a partner of TV BRICS.
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Russian President Vladimir Putin also noted the growth in GDP of the organisation’s countries, which, according to him, amounted to more than 5 per cent in 2024, while industrial production grew by 4.6 per cent. National currencies are increasingly being used in mutual settlements, he added.
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The Russian leader also announced that a meeting of the SCO Council of Heads of Government will be held in Moscow in November and wished success to Kyrgyzstan, which is taking over the chairmanship of the association.
In turn, Indian Prime Minister Narendra Modi called for a united stance against international terrorism. He recalled that 26 people were killed in a terrorist attack in the Indian city of Pahalgam.
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Iranian President Masoud Pezeshkian spoke at the summit. He stated the need to strengthen financial cooperation within the SCO, presenting an initiative to create a system of special accounts and settlements within the organisation. It involves expanding settlements in national currencies, launching joint digital infrastructures and creating a multilateral currency swap fund.
Aleksander Lukashenko, leader of Belarus, which joined the SCO in 2024, expressed a similar position, stating the need for an independent financial mechanism for the union. In addition, he stressed the importance of creating a common scientific and innovative space for the SCO and proposed the creation of a full-fledged regional educational platform.
Kazakhstan’s President Kassym-Jomart Tokayev also spoke about innovation. He believes that the organisation could become a global leader in the rapid development of artificial intelligence (AI).
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Uzbekistan’s head of state Shavkat Mirziyoyev, in turn, spoke in favour of expanding the SCO.
In the final Tianjin Declaration, the leaders agreed to establish a SCO Development Bank, to unify the status of the organisation’s observer countries and dialogue partners, to work on preventing risks associated with AI, to develop tourism and medicine, and to cooperate in the areas of e-commerce and sustainable development. In addition, the parties condemned terrorism in all its forms and manifestations and noted the importance of dialogue with the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN).
The SCO Development Strategy until 2035 defines the organisation’s goals and objectives for the next 10 years, as well as methods for their implementation. These include strengthening mutual trust and good-neighbourliness, jointly countering security threats, and deepening practical cooperation in trade, economics, finance and investment.
Photo:
CGTN
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