Prime Minister Shehbaz Sharif, in his inaugural address at the 23rd Shanghai Cooperation Organization (SCO) Heads of Government meeting, proposed the introduction of a common currency among member states.

The prime minister emphasized the need for enhanced regional cooperation to ensure peace, stability, and socio-economic development in the region.

Shehbaz Sharif highlighted the potential for the SCO to evolve into an Interbank Union to tackle banking challenges and work towards a unified currency. "The SCO should move towards establishing a common currency to facilitate economic transactions and strengthen regional ties," he stated, adding that the increasing agreement on the use of a common currency among the SCO member states is an important development.

"Pakistan supports the creation of alternative development funding mechanisms to promote sustainable growth," he highlighted.

Also Read: Shehbaz urges unity for socio-economic development, regional peace, stability

The prime minister also advocated for the SCO to strengthen its role in addressing regional development issues, proposing reforms that would encourage innovation and resource expansion within the organization. He stressed the importance of making the SCO a more effective platform for promoting peace, stability, and economic prosperity across the region.

In addition, Shehbaz reiterated Pakistan's support for the creation of a counter-terrorism structure within the SCO Secretariat to ensure security and stability across member countries.

Shehbaz Sharif called for increased cooperation between member states, urging them to share experiences and ideas to create a robust action plan for the future. He emphasized that mutual trust and beneficial cooperation will lead to sustainable development and prosperity within the SCO region.

"The potential for socio-economic development within the SCO member states is immense. By working together, we can improve the quality of life for our citizens and bring peace and stability to the region," the prime minister concluded.