The possibility of an economic corridor between Russia, China and Mongolia may be discussed at a summit of the Shanghai Cooperation Organization (SCO) in July, Ou Xiaol, a Chinese State Committee for National Development and Reform Commission representative, said on Friday.

The proposed alliance is being considered within the Economic Belt Silk Road framework, Xiaol said. The European Development Bank said China is hoping that this project will be implemented quickly to increase cooperation between Mongolia and Russia. 

"Last year, the leaders of these countries have reached an understanding on this matter," Xiaol said. "At the beginning of this month, I attended a trilateral meeting with deputy foreign ministers of Russia, China and Mongolia to discuss a plan to establish a joint economic corridor. I hope that in July of this year, during the SCO summit in Ufa, the parties will sign a protocol of intent and create a working group."