ISLAMABAD: Pakistan on Tuesday urged members of the Shanghai Cooperation Organization (SCO) to accelerate the use of national currencies in cross-border trade and establish a regional development bank and investment funds, as it sought deeper economic integration among countries facing growing uncertainty in global trade and finance.

Deputy Prime Minister and Foreign Minister Ishaq Dar made the call at the 25th meeting of the SCO Council of Heads of Government in Dushanbe, Tajikistan, where he emphasized investment in transport and energy infrastructure, expanded regional connectivity and reforms to the international financial system. The SCO brings together major Eurasian economies, including China, Russia, India and Pakistan, to promote cooperation on security, trade and development.

“We reiterate the need to accelerate efforts to promote the use of national currencies for mutual settlement and establishing SCO development bank, SCO development fund and an investment fund,” Dar told the gathering.

He said investment in transport and energy infrastructure was essential for regional economic integration and urged member states to expand cooperation in agriculture, mining, minerals and information technology.

Dar also criticized protectionist policies and unilateral economic measures, saying they undermined economic growth, technological progress and efforts to reduce inequality.

“Therefore, reform of the global financial architecture and trade regimes is essential for achieving equitable global development,” he said.

The SCO has been exploring ways to deepen economic cooperation among its members, including proposals for new financing mechanisms and greater use of national currencies in trade settlements.

Such measures could help member states reduce reliance on existing international payment arrangements and mobilize financing for cross-border infrastructure and development projects.

Dar said the China-Pakistan Economic Corridor (CPEC), a multibillion-dollar infrastructure and energy initiative linking western China with Pakistan’s Arabian Sea ports, offered opportunities for other SCO countries to participate in regional connectivity projects.

“The China-Pakistan Economic Corridor offers every SCO partner a compelling opportunity to participate in and accelerate our shared journey toward comprehensive economic integration,” he said.

He also called for artificial intelligence, digital transformation, innovation, energy cooperation and international information security to become important areas of future SCO collaboration.

Turning to regional security, Dar said lasting economic development depended on stability in Afghanistan and reiterated Pakistan’s demand that the Taliban authorities prevent militant groups from using Afghan territory to launch attacks.

“In return, Pakistan has only one expectation from the Afghan Taliban regime that the Afghan territory must not be used for terrorism against Pakistan or any other country,” he said.

Islamabad has repeatedly accused militants operating from Afghanistan of carrying out attacks inside Pakistan, allegations the Taliban authorities have denied.

Dar said Pakistan remained committed to a peaceful and economically integrated Afghanistan and would continue supporting regional cooperation through the SCO.

He also outlined priorities for Pakistan’s upcoming SCO chairmanship, including trade, climate resilience and people-to-people exchanges.

Pakistan is scheduled to host the SCO Council of Heads of State summit in August 2027.