In his address at the annual Summit of the SCO in the Kazakh capital, Sharif welcomed a proposal made by Chinese President Xi Jinping on a five-year treaty for good neighbourliness among SCO members.
He thanked the founding members including China, Russia and others for their staunch support to Pakistan and enabling the country's accession into the grouping.
"The SCO goals resonate with Pakistan's national ethos, and so do the core values of the Shanghai spirit and the SCO charter with our own quest for peaceful neighbourhood," Sharif said.
He then congratulated India, which also became a full member of the SCO, Pakistan's official APP news agency reported.
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He also said that in the coming decades, the SCO, which has emerged as a 'sheet anchor' for regional stability would serve as a strong link between Asia Pacific, East Asia, West Asia and the Atlantic region.
"The SCO gives us a powerful platform for partnerships to promote peace, build trust and spur economic development for shared prosperity," he said.
"Moreover, it helps us all combat terrorism, reduce arms race, eliminate poverty... Deal with natural disasters, tackle climate change and assure water security," he added.
Sharif said that the expansion of the SCO has taken place at an 'opportune time' as China's 'One Belt, One Road' (OBOR) initiative has transformed the global economic landscape.
"In Pakistan, we are diligently implementing the China- Pakistan Economic Corridor, which is a flagship of the OBOR," he said. "What is more, these megaprojects will benefit the entire SCO community."
Founded in 2001, the SCO till now was comprised of six member states, mainly focusing on military cooperation between the members which involves intelligence sharing and counter- terrorism operations in Central Asia.