Editing Shanghai Cooperation Organisation (section)

===Economic cooperation===
In September 2003, a Framework Agreement to enhance economic cooperation was signed by the SCO member states. At the same meeting the [[Premier of the People's Republic of China|Premier of China]], [[Wen Jiabao]], proposed a long-term objective to establish a [[free trade area]] in the SCO, while other more immediate measures would be taken to improve the flow of goods in the region.<ref>{{cite web | url = http://www.thefreelibrary.com/LEAD%3A+Central+Asian+powers+agree+to+pursue+free-trade+zone.-a0108316611 | title = LEAD: Central Asian powers agree to pursue free-trade zone. | date = 23 September 2003 | location = Beijing | author = Kyodo News | publisher = Kyodo News International, Inc. | access-date = 21 July 2015 | archive-url = https://web.archive.org/web/20150717215118/http://www.thefreelibrary.com/LEAD%3a+Central+Asian+powers+agree+to+pursue+free-trade+zone.-a0108316611 | archive-date = 17 July 2015 | url-status = live }}</ref><ref>{{cite web |url=http://www.ictsd.org/weekly/03-10-01/story3.htm |title= China Intensifies Regional Trade Talks |archive-url=https://web.archive.org/web/20071024121832/http://www.ictsd.org/weekly/03-10-01/story3.htm |archive-date=24 October 2007 }} International Centre for Trade and Sustainable Development (ICTSD)</ref> A follow-up plan with 100 specific actions was signed one year later, on 23 September 2004.<ref>{{cite press release | url = http://www.shaps.hawaii.edu/fp/russia/2004/20040923_sco_jc.html | title = Joint Communique of the Council of the Governmental Heads (Prime Ministers) of Shanghai Cooperation Organisation Member States | date = 23 September 2004 | author = China Foreign Ministry | archive-url = https://web.archive.org/web/20090330053454/http://www.shaps.hawaii.edu/fp/russia/2004/20040923_sco_jc.html | archive-date = 30 March 2009}}</ref>

In October 2005, during the Moscow Summit of the SCO, the Secretary General of the Organisation said that the SCO would prioritise joint energy projects; including in the oil and gas sector, the exploration of new [[hydrocarbon]] reserves, and joint use of water resources. The creation of the [[SCO Interbank Consortium]] was also agreed upon in order to fund future joint projects. In February 2006, the first meeting of the SCO Interbank Association was held in Beijing.<ref>{{cite news | url = http://www.jamestown.org/edm/article.php?article_id=2370411 | title = Shanghai Cooperation Organisation Eyes Economic, Security Cooperation | work = Eurasia Daily Monitor | publisher = The Jamestown Foundation | first = Sergei | last = Blagov | date = 31 October 2005 | archive-url = https://web.archive.org/web/20071101021114/http://www.jamestown.org/edm/article.php?article_id=2370411 | archive-date = 1 November 2007}}</ref><ref>{{cite web|url=http://eng.nbu.com/news/read.php?id=421 |title=SCO Ministers of Foreign Economic Activity and Trade to meet in Tashkent |publisher=National Bank of Uzbekistan |url-status=dead |archive-url=https://web.archive.org/web/20110815171922/http://eng.nbu.com/news/read.php?id=421 |archive-date=15 August 2011 }}</ref> In November 2006, at ''The SCO: Results and Perspectives'', an international conference held in Almaty, the representative of the [[Russian Foreign Ministry]] announced that Russia was developing plans for an SCO "Energy Club".<ref>{{cite news | url = http://eng.gazeta.kz/art.asp?aid=84086 | title = Russia's Foreign Ministry develops concept of SCO Energy Club | work = Kazakhstan Today | publisher = Gazeta.kz Internet Agency | date = 1 December 2006 | location = [[Almaty]], Kazakhstan | access-date = 3 December 2006 | archive-url = https://web.archive.org/web/20071007075148/http://eng.gazeta.kz/art.asp?aid=84086 | archive-date = 7 October 2007 | url-status = live }}</ref> in November 2007, Moscow reiterated the need for this "energy club" at an SCO summit. Other SCO members, however, did not commit themselves to the idea.<ref>{{cite news | url = http://www.eurasianet.org/departments/insight/articles/eav110707a.shtml | title = Russia Urges Formation of Central Asian Energy Club | work = Eurasianet | date = 6 November 2007 | first = Sergei | last = Blagov | publisher = The Open Society Institute | access-date = 11 June 2016 | archive-url = https://web.archive.org/web/20160304063714/http://www.eurasianet.org/departments/insight/articles/eav110707a.shtml | archive-date = 4 March 2016 | url-status = dead }}</ref> During the 2008 summit it was stated that "Against the backdrop of a slowdown in the growth of world economy pursuing a responsible currency and financial policy, control over the capital flowing, ensuring food and [[energy security]] have been gaining special significance".<ref>{{cite web | url = http://www.sectsco.org/html/00030.html | title = Chronicle of Main Events of 'Shanghai Five' and Shanghai Cooperation Organisation | publisher = The Shanghai Cooperation Organisation | year = 2008 | archive-url = https://web.archive.org/web/20081014132514/http://www.sectsco.org/html/00030.html | archive-date = 14 October 2008}}</ref>{{failed verification|date=June 2016}}

At the 2007 SCO summit, Iranian Vice President [[Parviz Davoodi]] addressed an initiative that had been garnering greater interest when he said, "The Shanghai Cooperation Organisation is a good venue for designing a new banking system which is independent from international banking systems".<ref>Mehr News Agency, 31 October 2008.</ref>{{better source needed|date=July 2023}}

President Putin included these comments:
<blockquote>
We now clearly see the defectiveness of the monopoly in world finance and the policy of economic selfishness. To solve the current problem Russia will take part in changing the global financial structure so that it will be able to guarantee stability and prosperity in the world and to ensure progress.
<br />
The world is seeing the emergence of a qualitatively different [[geo-political]] situation, with the emergence of new centers of economic growth and political influence.
<br />
We will witness and take part in the transformation of the global and regional security and development architectures adapted to new realities of the 21st century, when stability and prosperity are becoming inseparable notions.<ref>''Russia Today'', 30 October 2008</ref>
</blockquote>

[[File:SCO Summit Ekaterinburg 2009.jpg|thumb|Leaders present at the SCO summit in [[Yekaterinburg]], Russia in 2009]]

In June 2009, at the Yekaterinburg Summit, China announced plans to provide a US$10 billion loan to other SCO member states to shore up the struggling economies of its members amid the global financial crisis.<ref>{{cite news | url = http://news.xinhuanet.com/english/2009-06/16/content_11552439.htm | title = China to provide 10-billion-dollar loan to SCO members | editor-last= Deng |editor-first=Shasha | date = 16 June 2009 | location = Yekaterinburg, Russia | agency = [[Xinhua News Agency]] | access-date = 21 July 2015 | url-status = dead | archive-url = https://web.archive.org/web/20160304073311/http://news.xinhuanet.com/english/2009-06/16/content_11552439.htm | archive-date = 4 March 2016}}</ref> The summit was held together with the [[1st BRIC summit|first BRIC summit]], and the China–Russia joint statement said that they want a bigger quota in the [[International Monetary Fund]].<ref>{{cite news |editor=Yan |title=China, Russia sign five-point joint statement |date=18 June 2009 |access-date=23 June 2009 |quote=They also said that a new round of the IMF quota formula review and the reform schemes of the World Bank should be completed on time and that the emerging markets and developing countries should have a bigger say and broader representation in the international financial institutions. |url=http://news.xinhuanet.com/english/2009-06/18/content_11558133.htm |agency=[[Xinhua News Agency]] |url-status=dead |archive-url=https://web.archive.org/web/20090620111314/http://news.xinhuanet.com/english/2009-06/18/content_11558133.htm |archive-date=20 June 2009}}</ref>

In 2014, the [[Eurasian Economic Union]] was founded in which Russia, Kazakhstan and Kyrgyzstan are members.

During the 2019 Bishkek summit, [[Pakistani Prime Minister]] [[Imran Khan]] suggested taking steps to trade in local currencies instead of U.S. dollars and setting up financial institutions including an SCO bank.<ref>{{cite web|url=https://www.aa.com.tr/en/asia-pacific/shanghai-cooperation-organization-summit-kicks-off-in-bishkek/1504148|title=Shanghai Cooperation Organization summit kicks off in Bishkek|website=www.aa.com.tr|access-date=29 September 2019|archive-url=https://web.archive.org/web/20190929213418/https://www.aa.com.tr/en/asia-pacific/shanghai-cooperation-organization-summit-kicks-off-in-bishkek/1504148|archive-date=29 September 2019|url-status=live}}</ref>

In June 2022, Iran's Deputy Foreign Minister for Economic Diplomacy Mehdi Safari suggested creating a single SCO currency to facilitate trade and financial transactions among SCO members.<ref>{{cite web |url=http://www.tabnak.ir/fa/news/1122205 |language=fa |script-title=fa:پیشنهاد ایران به سازمان شانگهای برای ایجاد پول واحد
 |trans-title=Iran's proposal to the Shanghai Cooperation Organisation to create a single currency |date=2 June 2022 |website=TABNAK |access-date=12 July 2022}}</ref>

During 19–22 October 2022, Iran hosted SCOCOEX, an international conference and exhibition on economic cooperation opportunities available to the SCO member states and partners.<ref>{{cite web |url=https://www.tasnimnews.com/en/news/2022/06/21/2731950/scocoex-event-in-iran-deferred-to-october |title=SCOCOEX Event in Iran Deferred to October |date=21 June 2022 |website=Tasnim |access-date=12 July 2022}}</ref>

As part of the SCO's economic agenda, it has established a relatively successful student exchange program called the SCO University.<ref name=":7" />{{Rp|page=95}}