Iranian President Masoud Pezeshkian says the Shanghai Cooperation Organization (SCO) should take practical and clear steps to promote global peace and economic cooperation.

Pezeshkian was addressing the 25th Meeting of the SCO Council of Heads of State in northern China's port city of Tianjin on Monday.

“The Islamic Republic of Iran believes that the Shanghai Cooperation Organization, as one of the important pillars of the multipolarization of the international system, should take practical, clear, and specific steps in two parallel paths to create a more peaceful world and a world conducive to expanding economic cooperation,” he said.

He proposed the creation of a specialized initiative, the"Accounts and Settlements of the Shanghai Cooperation Organization," as a practical mechanism to enhance financial cooperation and reduce the impacts of unlawful sanctions on the economic interactions among the member states.

He said the initiative rests on greater use of national currencies in settlements to decrease reliance on the US dollar, the establishment of shared digital infrastructure and the employment of central bank digital currencies to ensure secure and efficient payments and the establishment of a multilateral currency swap fund to assist countries facing sanctions or liquidity shortages.

“We believe that the implementation of this initiative can not only enhance the economic resilience of the members but can also turn the Shanghai Cooperation Organization into a successful model for establishing a multipolar, fair, and resilient financial order against external pressures,” the Iranian president added.

Pointing to Iran’s unique geographical and transit position and its access to different areas, Pezeshkian expressed the country’s readiness to improve regional cooperation and provide access to the interested countries.

He announced that the Iranian port of Chabahar, which has direct access to the Indian Ocean, would soon be connected to Iran's national railway network, which would mark a significant development in linking China, Central Asian countries, and Afghanistan to the Indian Ocean.

Iran believes that the SCO's 10-year development strategy will be a historic opportunity for expanding cooperation and investment in the sectors of infrastructure, technology, energy, digital economy, climate and environmental changes, as well as culture and science, Pezeshkian said, expressing Tehran’s readiness to play an active role in this regard.

Elsewhere in his address, Pezeshkian described the SCO as the symbol of peace in a world that faces several crises.

He said the Israeli-US illegal military aggression against Iran in June, the ongoing massacre of the oppressed people of Gaza and the excessive use of unlawful sanctions against various countries are clear examples of the world's failure to achieve a suitable model for governing the world and stabilizing international peace and security.

The main objective of the SCO is to guarantee collective security and enhance cooperation in various fields, based on principles of mutual confidence and interests, equality, joint development and respect for cultural diversity, Pezeshkian said, voicing Iran’s full preparedness to play an appropriate role in this regard.

He called for the formation of a committee comprising of the SCO foreign ministers to address crises threatening regional peace and security through providing operative proposals for crisis management and due responses to violation of sovereignty of member nations.

Pezeshkian further said Iran welcomes initiatives such as the establishment of specialized centers to counter security threats and challenges, promote strategic studies and combat drug trafficking as well as the development of rapid response mechanisms in crisis.

Speaking before departing Tehran for Tianjin on Sunday, Pezeshkian said the SCO summit provides an opportunity to counter the US and European unilateralism in international affairs.

Hosted by President Xi Jinping, the SCO summit officially opened in Tianjin on Monday with the participation of heads of state and delegations from across the world.

The two-day summit, which comes as the US has launched a global trade war, aims to set a long-term vision for regional cooperation amid shifting global alliances and growing calls for a new multipolar order.

The summit will review the organization’s achievements and also adopt a 10-year development strategy.