China is ready to work with the Shanghai Cooperation Organization (SCO) members to expand trade and investment to bolster regional economic recovery, Chinese Premier Li Keqiang said on Tuesday.

The SCO members need to jointly uphold the WTO-centered multilateral trading regime and support the development of an open world economy, Li said during the 21st Meeting of the Council of Heads of Government of the SCO Member States.

He urged the SCO members to further tap potential for economic cooperation and trade, harmonize rules of trade and explore institutional arrangements to enhance trade and investment facilitation. 

The business environment is the soil for companies to emerge and grow and the SCO members need to take strong and effective steps to improve policies, clear obstacles and build platforms to provide our businesses with a sound environment for cross-border investment, Li said.

"China proposes that we advance the implementation of the Framework for Cooperation in Trade in Services between our competent authorities, update the content of cooperation and scale up trade in services. China will work with all parties on the formulation of a plan of action for promoting e-commerce among the member states," he said.

The premier said all parties are welcome to participate in the upcoming fifth China International Import Expo and the China-SCO online shopping festival. With continuous efforts to advance mutually beneficial cooperation on e-commerce in our region, we could all share in the fruits of a growing digital economy. 

"China suggests that we continue to expand the scale of local currency settlement and craft new models of investment and financing, to better support our major projects and industrial cooperation. China looks forward to your active support and participation in the SCO industrial and supply chains forum that China will host next year, as a joint effort to preserve the resilience and stability of regional industrial and supply chains and promote smooth economic circulations in the region," Li said.

Kazakh Prime Minister Alikhan Smailov, Kyrgyz Prime Minister Akylbek Japarov, Russian Prime Minister Mikhail Mishustin, Tajik Prime Minister Kokhir Rasulzoda, Uzbek Prime Minister Abdulla Aripov, foreign ministers of India and Pakistan and representatives from SCO observer states attended the meeting, which was held via video link.

(With input from Xinhua)

(Cover: A freight train departs for Toshkent, capital of Uzbekistan from Xi'an, Shaanxi Province, China, September 19, 2022. /CFP )