SCO members vow to promote global economic governance, trading system

    BISHKEK, Oct. 26 (Xinhua) -- The Shanghai Cooperation Organization (SCO) members will make concerted efforts to promote global economic governance and multilateral trade system, said an SCO joint communique Thursday.

    "The heads of the delegations confirmed that the SCO member states support the improvement and reform of the architecture of global economic governance," stated the communique issued following the 22nd Meeting of the Council of Heads of Government of the SCO Member States.

    The members vowed to defend and strengthen an open, transparent, fair, inclusive, and non-discriminatory multilateral trading system, which is based on generally accepted international principles and rules and promotes the development of an open global economy.

    Such a trading system would "ensure fair market access, special and differential treatment for developing countries, and oppose protectionist actions and trade restrictions," which ultimately undermine the multilateral trading system and threaten the global economy, it noted.

    All parties agreed to continue consultations on the establishment of an SCO Development Bank and SCO Development Fund.

    "The heads of the delegations emphasized the importance of providing financial support for projects to unlock the full investment potential of the organization," it said.