Iran’s Pezeshkian calls for SCO bank to boost regional trade

Iranian President Masoud Pezeshkian called for greater cooperation among members of the Shanghai Cooperation Organisation (SCO) on September 1, saying regional security depended on rejecting force-based approaches and strengthening multilateral ties.

Speaking at the SCO summit in Bishkek, Pezeshkian said lasting security required mutual trust, respect for national sovereignty and non-interference in domestic affairs, Caliber.Az reports, citing Iranian media.

“Lasting security is achieved not through confrontation but through mutual trust, respect for national sovereignty, non-interference in domestic affairs and cooperation among governments,” Pezeshkian said.

He said the SCO needed to address economic and security issues together to play a more effective role in advancing multilateralism.

Pezeshkian proposed establishing an SCO bank, creating a joint export insurance and investment union, and forming an energy consortium to strengthen the organisation's economic role.

Turning to Iran's relations with Washington, Pezeshkian said Tehran had responded proportionately to what he described as US violations but remained prepared to resume compliance.

“If the United States returns to its commitments under the memorandum, the Islamic Republic of Iran will immediately reciprocate,” he said.

“Unlike the United States, my country has an outstanding record of honoring its international commitments and agreements and has always acted in accordance with the principles of international law.”

By Aghakazim Guliyev