BAKU, Azerbaijan, September 1. Iran is putting forward three clear proposals to the Shanghai Cooperation Organization (SCO) for the realization of its economic prospects.
This was announced in the Iranian Presidential Administration's information portal, citing Iranian President Masoud Pezeshkian's speech at the SCO summit held in the Kyrgyz capital Bishkek.
"The first proposal is to strengthen financial and banking cooperation between member countries to use national currencies more widely for payments. The creation of joint payment mechanisms and financial support will ultimately result in the establishment of the SCO Bank. This is an effective step to increase the potential of economic cooperation among member countries and reduce barriers in the trade chain," he noted.
The Iranian President added that the second proposal is to develop trade and investment support institutions in order to create an export and investment insurance union of the SCO member countries. It's hoped that this proposal will achieve the desired result with the solidarity of the member countries.
Pezeshkian said that strengthening energy security, taking into account the high potential of member countries in the production and consumption of various energy products, is the third proposal put forward by Iran. The establishment of the SCO Energy Consortium, as a stable example in energy production, transportation and consumption in the vast geography of the organization's member countries, can result in positive results for the member countries and strengthen the organization's position in the world energy market.
According to Pezeshkian, the experience of recent years clearly shows that security and development cannot be separated from each other. The SCO can play an effective role in both security and economic aspects. The organization can achieve tangible cooperation in the development of internal trade, simplification of customs activities, development of transport corridors, integration of ports and logistics centers, increase transit opportunities, and strengthen supply networks.
