The consensus reached at the annual summit of the Shanghai Cooperation Organization (SCO) in Russia will give a significant boost to the region’s efforts to overcome the global financial crisis and build closer economic links.

As the financial crisis continues to spread, the SCO leaders met in Yekaterinburg, a city in the Ural mountains, to hammer out regional solutions to mitigate the impact of a crisis not seen in decades, stressing the need to foster stronger economic links and expand trade.

This meeting sent a strong signal to the international community that SCO member states will work together in the face of the current challenges, which require SCO members to strengthen their cooperation to jointly combat the financial crisis and advance the sound and steady development of their economies.

Although no country is immune to the financial crisis, the SCO’s effective cooperation mechanism so far has not been undermined. Instead, its member states, which differ in economic development models, have shown the political will to enlarge cooperation.

In addition, the economic downturn has also been seen as a great opportunity for them to seek more channels and fields of cooperation.

In a declaration signed at the summit, the leaders said member states need to speed up efforts to implement joint projects in energy, transport and telecommunications, push forward cooperation in emerging industries and facilitate trade and investment. They also called for redoubled efforts to tap the potential of the observer nations and dialogue partners to expand cooperation with them.

The declaration showcased their willingness to work together to tackle the crisis and mapped out a future direction and specific areas to promote trade and economic cooperation between the member states.

The leaders also signed documents including a convention against terrorism which will have positive impact on regional stability and create a good environment for member countries to overcome the current economic difficulties.

The call for joint efforts to overcome difficulties is an extension of the Shanghai Spirit, which advocates mutual trust, mutual benefit, equality and coordination, respects cultural diversity and seeks common development with an aim to boost bilateral and multilateral cooperation within the organization, in the current international context.

It is widely believed that cooperation will be expanded as the six member states -- China, Russia and the Central Asian nations of Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan -- work together to overcome the economic woes brought by the financial crisis and that the SCO will yield more fruitful results as the member states continue to reinforce their pragmatic cooperation.