"SCO has expanded the framework of its operations from security issues to trade and economic cooperation. This is the development logic of the Shanghai system. In 2007 trade turnover amongst member-states exceeded US$50 billion and in the next few years it may cross the US$70 billion mark," he said at a conference on SCO in Kazakhstan’s senate on Monday.

Yermekbayev said he believes the figures are "an indication of the great potential of economic cooperation in the SCO framework, in particular in farming, machine-building, oil and gas and high tech."

"The medium-term objective of the economic cooperation amongst SCO countries is to guarantee comprehensive economic development, to fully capitalize on the benefits of complementary economies, and to establish closer economic ties," Yermekbayev said. He did not rule out the creation of a free trade zone in the framework of SCO in the future.

The SCO member-states are Russia, Kyrgyzstan, China, Kazakhstan, Tajikistan and Uzbekistan. India, Pakistan, Mongolia and Iran are observer nations. Afghanistan hopes to secure the same status