Prime Ministers of the Shanghai Cooperation Organization (SCO) member-countries pledged to further promote economic cooperation on Monday, Xinhua reported.
The SCO member-countries must further strengthen economic cooperation to minimize negative effects of the global crisis on their countries' banking and financial sectors amid uncertainties in the global markets, the leaders said in a joint declaration, CA-NEWS reported.
The SCO Prime Ministers also stressed the importance of cooperation with SCO observers, dialogue partners and 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 will continue encouraging investments and promoting mutually beneficial projects among member states in line with the laws of these states. Thus, it is of great significance to establish a financing mechanism for joint projects, including special accounts and development of banks for the SCO, the message said.
The Prime Ministers also agreed to consolidate financial and monetary systems among member states to increase the state-owned finance institutions' capital adequacy ratio and liquidity.