Moscow, Sep 16 (IANS) Russia will promote economic cooperation in the Shanghai Cooperation Organization (SCO) and take joint measures on issues such as energy security, Russia's President Vladimir Putin said Monday.

"Russia is committed to expanding economic cooperation within the SCO and developing joint measures on financial, food, energy and transport security," Putin said in an address published on the official website of Russia's presidency.

Russia proposes to create an optimal funding mechanism, "to increase the role of the SCO Business Council and its Interbank Association and to expand inter-regional relations," Xinhua quoted the president as saying.

"We see vast opportunities in future cooperation between the SCO with the Eurasian Economic Union," the statement said.

Founded in 2001, the SCO group is comprised of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.

Afghanistan, India, Iran, Mongolia and Pakistan are observers. Belarus, Turkey and Sri Lanka as dialogue partners of the group.