ST. PETERSBURG, Russia, Nov. 7 (Xinhua) -- Prime ministers of the Shanghai Cooperation Organization (SCO) members on Monday pledged to further promote economic cooperation.
Amid increasing uncertainties in global markets, the SCO member states should further strengthen economic cooperation in a bid to minimize negative effects of the global crisis on their countries' banking and financial sectors, the leaders said in a joint declaration.
The SCO prime ministers also stressed the importance of cooperation with SCO observers and dialogue partners and with international organizations such as the Association of Southeast Asian Nations, the United Nations Economic and Social Commission for Asia and the Pacific, and the Commonwealth of Independent States.
The SCO would continue encouraging investment and advancing mutually beneficial projects among member states in line with laws of these states. Thus, it is of great significance to establish a financing mechanism for joint projects, including special accounts and development banks for the SCO, it said.
The prime ministers also agreed to tap the economic potential and consolidate financial and monetary systems among member states to increase state-owned finance institutions' capital adequacy ratio and liquidity.
They pledged to promote their countries' economic diversity and competitiveness to maintain economic growth.
As the world is undergoing major changes, emerging economies are playing more important roles in addressing global economic problems, said the document.
It said the SCO countries will continue to work with the international community toward realizing the goal of establishing a global financial order that is juster, fairer, more inclusive, more harmonious and taking care of the interests of all, and can make all countries benefit from globalization.
Although uncertainties still haunt global financial and raw material markets and the world economic growth is slowing down, the situation of the SCO members is stable with continued GDP growth and ability to draw investments, it said.
The SCO, founded in Shanghai in 2001, groups China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India, Iran, Mongolia and Pakistan are SCO observers while Belarus and Sri Lanka are dialogue partners.