Russia will promote economic cooperation in the Shanghai Cooperation Organization (SCO) and take joint measures on issues such as energy security, Russian President Vladimir Putin said Monday.

"Russia is committed to expanding economic cooperation within the SCO and developing joint measures on financial, food, energy and transport security," Putin said in an address published on the official website of Russia's presidency in the SCO.

Russia proposes to create an optimal funding mechanism, "to increase the role of the SCO Business Council and its Interbank Association and to expand inter-regional relations," the Itar-Tass news agency quoted the president as saying.

"We see vast opportunities in future cooperation between the SCO with the Eurasian Economic Union," said the statement.

It stressed that the SCO has created a strong legal framework and an array of mechanisms for political, economic and humanitarian interaction, while the international reputation of the organization has been growing.

"The rapidly changing international situation requires a more effective SCO. To this end, the development strategy towards 2025 will be the key issue during Russia's presidency," Putin said.

The website was launched as Russia is taking over the rotating presidency next year. The just-concluded SCO summit took place in the Tajik capital of Dushanbe on Sept. 11-12, while the next summit will be held in Russia's southwestern city of Ufa.

Founded in 2001, the SCO groups China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. It has Afghanistan, India, Iran, Mongolia and Pakistan as observers, and Belarus, Turkey and Sri Lanka as dialogue partners.

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