Bishkek: The Shanghai Cooperation Organization (SCO) has emerged as the world's largest regional association, comprising countries whose combined population makes up approximately half of the global populace, Russian President Vladimir Putin stated on Tuesday.

According to Anadolu Agency, Putin made these remarks during the SCO summit held in the Kyrgyz capital, Bishkek. He emphasized the significant evolution of the organization since its inception 25 years ago, noting its transformation into a pivotal force in the emerging multipolar world. Putin highlighted the organization's achievements and expressed Russia's commitment to enhancing the effectiveness of the SCO's operations.

Putin pointed out the importance of strengthening trade among SCO member nations, focusing on the increasing use of national currencies for mutual settlements. He revealed that over 98% of Russia's trade payments with SCO partners are now conducted using national currencies, underscoring a shift towards reducing dependency on other global currencies.

Established in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, the SCO has expanded to include 10 full members. The organization has since welcomed India, Pakistan, Iran, and Belarus as members, reflecting its growing influence and reach within the region.