“Iran’s presence in the members’ banking consortium can reduce the costs of economic ties and increase the volume of trade,” Iran’s First Vice President Parviz Davoudi said as he delivered a speech at the seventh meeting of SCO Prime Ministers in the Kazakh capital, Astana.

The official added that Tehran expects to see the growth in cooperation between the permanent SCO members and observer states based on the Organization’s initiative aimed at bolstering such ties.

The Iranian vice president also suggested setting up a joint bank among members and observer states in order to edge closer to the ultimate goal of establishing ’an independent financial system’.

Davoudi pointed to Iran’s various economic, geopolitical and energy-related characteristics and called on the SCO not to overlook the observer states’ potentials.

Founded in 2001, the SCO is an organization that aims to promote regional economic and security cooperation among its member states.

Russia, China, Kazakhstan, Tajikistan, Uzbekistan and Kyrgyzstan are permanent members, while Iran, India, Mongolia and Pakistan hold observatory status. Iran has applied for full SCO membership.