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Iran Urges Greater SCO Economic Cooperation

  • October, 20, 2026 - 14:31
  • Politics news
Iran Urges Greater SCO Economic Cooperation

TEHRAN (Tasnim) – Iranian First Vice President Mohammad Reza Aref called on the Shanghai Cooperation Organization (SCO) member states to expand practical economic cooperation, strengthen regional connectivity and develop independent financial and payment mechanisms.

Politics

Addressing a meeting of the SCO Council of Heads of Government, held in Tajikistan’s Dushanbe on Tuesday, Aref condemned the US and Israeli aggression against Iran, saying the attacks violated the UN Charter and the sovereignty of an independent state.

He said the 40-day war of aggression against Iran targeted civilian infrastructure, educational and medical centers, economic facilities and peaceful nuclear installations under International Atomic Energy Agency supervision, warning that failure to condemn such actions would endanger the security of all countries.

Aref stressed that disruptions to a country’s economic security, trade, energy, transportation, payment systems and supply chains could have repercussions across the region and the global economy. He said the SCO should translate its substantial economic and strategic potential into tangible results through joint investment, expanded trade and stronger cooperation in energy, transport, technology, science and culture.

Iran supports greater use of national currencies in intra-SCO trade, connections between banking infrastructure, national financial messaging systems and new settlement mechanisms, the vice president added.

He also called for moving toward the operational design of a proposed SCO Development Bank and expanding export insurance and investment-risk coverage to encourage private-sector participation.

Aref also emphasized strengthening the SCO Business Council and Interbank Consortium, saying they could help develop independent payment mechanisms, reduce financial risks and improve economic resilience.

Iran is ready to contribute its experience and capabilities to joint SCO initiatives, including through the organization’s financial institutions, he added.

The Iranian VP urged members to deepen inclusive cooperation and uphold multilateralism, saying the organization could become a more effective center for economic cooperation and sustainable development.

He delivered the speech at the 25th anniversary meeting of the SCO Council of Heads of Government, which was held in Dushanbe under Tajikistan’s chairmanship. The meeting focused on expanding trade, economic, cultural and humanitarian cooperation and improving the organization’s effectiveness.

 
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