Elbegdorj spoke highly of building a Mongolia-China-Russia economic corridor, adding that Mongolia wants to enhance cooperation on infrastructure and economic affairs along the border region.

Ulan Bator will make efforts with Beijing and Moscow to achieve cooperation on agriculture and the prevention of natural disasters, he said.

Sun Zhuangzhi, secretary-general of the SCO Research Center at the Chinese Academy of Social Sciences, said it has been tradition for the leaders of China, Russia and Mongolia to meet on the sidelines of SCO summits.

He said the priority for the three neighbors is to discuss details of linking their development strategies and to build the China-Mongolia-Russia corridor, which has been declared part of the Silk Road Economic Belt.

"There is huge potential in trilateral cooperation. However, to eliminate obstacles, we have to build a joint community of fate, strengthen high-level policy coordination, and make long-term top-level plans for bilateral ties and regional cooperation," he said.