Xi Calls on SCO Member States to Boost Economic Cooperation

(MENAFN) Chinese President Xi Jinping called on Shanghai Cooperation Organization (SCO) member states on Monday to capitalize on their "mega-size markets," emphasizing enhanced economic cooperation in response to ongoing US tariffs.

Delivering the opening speech at the 25th SCO summit in Tianjin, Xi addressed leaders from the 10-member bloc, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.

He stated, "The SCO member states are all friends and partners," calling on the group to honor their differences, sustain strategic dialogue, reach consensus, and enhance solidarity and cooperation.

His remarks come against the backdrop of US tariffs disrupting global markets, as Washington pursues bilateral agreements favoring its interests among UN member nations.

Xi stressed the importance of fairness and justice, asserting: "We must promote a correct historical perspective on World War II and oppose the Cold War mentality, bloc confrontation and bullying practices."

Calling for “mutual benefit and win-win results,” he underscored the need to protect the UN-centered international system and bolster the multilateral trading framework led by the World Trade Organization (WTO).

Highlighting the SCO’s scope, Xi said the organization includes 26 countries, with cooperation spanning over 50 sectors and a combined economic output nearing $30 trillion. "Its international influence and appeal are increasing day by day," he noted.

"We need to better align our development strategies and promote the high-quality implementation of the Belt and Road Initiative," Xi added.

Further pledging financial support, Xi announced China’s commitment of 2 billion yuan ($280.4 million) in grants to SCO members this year and revealed plans to provide an additional 10 billion yuan ($1.4 billion) in loans to the SCO Interbank Consortium over the next three years.

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