(L-R) Tajikistan's President Emomali Rahmon, Kyrgyzstan's President Almazbek Atambayev, Kazakhstan's President Nursultan Nazarbayev, Russia's President Vladimir Putin, Chinese President Xi Jinping and Uzbekistan's President Islam Karimov pose for a picture before their meeting during the Shanghai Cooperation Organization (SCO) summit in Ufa, Russia, July 10, 2015. [Photo/Agencies]

With Pakistan and India set to become formal members of Shanghai Cooperation Organization (SCO), Pakistan Prime Minister Nawaz Sharif said on Friday the enlargement of the organization is of “watershed” geopolitical significance in Asia and Europe.

"In terms of geopolitical significance, I think the enlargement of SCO is a watershed event in Eurasian regions," said Sharif in an address at the SCO summit in Ufa, Russia.

At the summit, India and Pakistan announced process to start legal approval procedure to join the SCO as formal members. When it completes, the number of members of SCO will be expanded to eight members.

In his address, Indian Prime Minister Narendra Modi congratulated Pakistan for starting the membership approval process, saying this enlargement will help secure regional security and development.

On Friday, Belarus obtained observer country status of SCO. Armenia, Nepal, Azerbaijan, Cambodia became dialogue partners of this regional security and development organization.