Russia has proposed the Shanghai Cooperation Organization (SCO) establish a new credit rating agency.

Dmitry Mezentsev, head of the Russian Business Council, made the proposal at a meeting of the SCO Council of Heads of Government.

"We all know that the ranking of countries and businesses depends on ratings," Mezentsev said, adding the existing international rating agencies "are often far from the SCO."

Mezentsev said establishing a new rating agency would not be easy, but necessary.

Meanwhile, Russian Prime Minister Dmitry Medvedev praised SCO member states for successfully dealing with the global economic crisis and urged them to further coordinate their economic policies.

"It is true that the current economic situation remains complicated, but SCO member states are dealing with the worst phase of the financial-economic crisis successfully on the whole," Medvedev said at a meeting of SCO prime ministers.

"Nevertheless, we are not living in a vacuum. The global economic downturn is affecting our countries anyway," Medvedev said.

Therefore, he suggested the integration of SCO economies. "Our organization should give priority to sustainable development through consolidation of efforts and of economic policies."

It was also important to inject dynamism into trade and investment within the SCO framework, Medvedev said.

The meeting opened here Wednesday, attended by leaders from the six SCO member states, China, Russia, Kyrgyzstan, Kazakhstan, Tajikistan and Uzbekistan, and representatives from five observer states, India, Mongolia, Iran, Pakistan and Afghanistan.