NEW DELHI, Nov. 30 (Xinhua) -- The Shanghai Cooperation Organization (SCO) on Monday underscored the importance of further deepening cooperation to develop "a transparent, open, inclusive, fair, non-discriminatory multilateral trading system" and to "promote an open world economy."

"Today humanity is faced with unprecedented challenges in all spheres of life, the severity of which is steadily increasing due to the ongoing spread of coronavirus infection," said a joint communique issued after the 19th meeting of the Council of Heads of Governments of SCO member states.

"High turbulence persists in global politics and economy," said the communique, adding that the process of economic globalization "is hampered by the growth of unilateral and protectionist measures, instability of financial markets and other risks for the international trade."

The communique stressed that one of the primary tasks of the SCO is to improve the welfare and living standards of the population, and it is important to continue the consistent implementation of the Sustainable Development Goals until 2030 and to strengthen cooperation in various areas of mutual interest.

The announcement noted the relevance of reforming the World Trade Organization (WTO), including by improving its key functions-negotiation, monitoring and dispute resolution functions.

"When reforming the WTO, it is necessary to ensure that the key values and fundamental principles of the WTO are preserved," said the communique.

The 19th meeting of the Council of Heads of Governments of SCO member states, chaired by Indian Vice President M. Venkaiah Naidu, was held Monday in a videoconference format.