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.

Today, the SCO has become the world's largest regional organisation, bringing together 26 countries cooperating in more than 50 areas, with a combined GDP of close to US$30 trillion. Its international influence and appeal are constantly growing

Xi Jinping

President of China

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.

The SCO is making a tangible contribution to strengthening the atmosphere of cooperation and mutual trust across the Eurasian continent, thereby helping to lay the political and socio-economic foundations for the formation of a new system of stability, security and peaceful development in Eurasia

Vladimir Putin

President of Russia

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.

India emphasises the importance of unity in the fight against terrorism, as no country and no society can feel safe from this threat. The SCO plays an important role here

Narendra Modi

Prime Minister of India

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).

We advocate the development of effective cooperation across the entire spectrum of the digital agenda, including the introduction of smart solutions in the real sector of the economy, healthcare, transport and logistics, and urban management systems

Kassym-Jomart Tokayev

President of Kazakhstan

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