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Tianjin, September 1 (Reuters) – Chinese President Xi Jinping urged leaders at a regional summit to take advantage of their “mega market on scale” on Monday, while Russian President Vladimir Putin showed support for XI’s ambition for a new global security and an economic order that raises a challenge to the United States.

The Shanghai Cooperation Organization (SCO) has established a model for a new type of international relations, XI said in the opening comments that address more than 20 world leaders at a two -day summit held in the port city of Northern China, Tianjin.

“We should advocate the equal and orderly multipolarization of the world, inclusive economic globalization and promote the construction of a fairer and more fair global governance system,” he said.

“We must take advantage of the Mega scale market … to improve the level of commercial and investment facilitation,” XI said, urging the block to boost cooperation in fields, including energy, infrastructure, science and technology and artificial intelligence.

Putin said the group has revived “genuine multilateralism” with increasingly used national currencies in mutual settlements.

“This, in turn, establishes the political and socioeconomic basis for the formation of a new stability and security system in Eurasia,” he said.

“This security system, unlike the Euro-European-European models, would really consider the interests of a wide range of countries, would be really balanced and would not allow a country to guarantee its own security at the expense of others.”

Sergei Bobylev, Sputnik, Kremlin Pool Photo through AP

The Indian Prime Minister, Narendra Modi, and other leaders of Central Asia, the Middle East, South and Southeast Asia attended the opening ceremony in a great sample of solidarity of the Global South.

The security -centered block, which began as a group of six Euroasy nations, has expanded to 10 permanent members and 16 dialogue countries and observers in recent years.

XI asked the organization’s partners to oppose the mentality of the Cold War and the confrontation of the block “and that support multilateral commercial systems. That was an apparent excavation in the tariff war of the president of the United States. UU. Donald Trump, which has disproportionately affected developing economies as India, whose exports were beaten with a 50% tax last week.

China will provide 2 billion yuan ($ 280 million) of free aid to member states this year and another 10 billion loan yuan to a banking SCO consortium, he added.

Speaking outside the meeting on Sunday, the United Nations Secretary General, Antonio Guterres, said that China played a “fundamental” role in the defense of global multilateralism.

Beijing has also used the summit as an opportunity to repair ties with New Delhi.

Modi, who is in China on his first visit in seven years, and XI agreed that on Sunday his countries are development partners, not rival, and discussed ways to improve commercial ties in the midst of global tariff uncertainty. ($ 1 = 7,1529 Yuan Renminbi Chino)

(Laurie Chen and Mei Mei Chu report in Tianjin, Liz Lee and Qiaoyi Li in Shanghai; Christopher Cushing and Lincoln Feast’s edition).