By: David Shoombe
In addressing heads of state at the 25th heads of state council meeting of the Shanghai Cooperation Organisation (SCO), the President of China, Xi Jinping, stated that reforms in global governance to tackle common challenges of all mankind are imminent.
With that, he urged heads of states to safeguard the status and authority of the United Nations (UN) and “ensure its irreplaceable key role in global governance.”
Jinping praised the big market of the SCO and indicated that member states work together on security, energy, trade, and metal research.
The SCO was founded in 2001 by China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan, with India and Pakistan joining in 2017.
While rejecting the hegemony control and need for international laws to apply to all nations, Russian President Vladimir Putin indicated the importance of cooperation within SCO member states and intensifying economic development and mutual benefits.
Putin also praised member states for performing beyond global predictions of the growth of their respective gross domestic products (GDPs).
“The pace of cooperation within the SCO is impressive. Last year, the average GDP growth of member states exceeded 5%, while industrial output rose by 4.6%. Mutual trade continues to grow steadily. All these indicators are above the global average,” noted Putin.
The International Monetary Fund (IMF) predicts global GDP growth to be about 3% for 2025.
It is also noted that more national currencies are used in trade between the SCO states, subsequently improving trade relations.
Narendra Modi, Prime Minister of India, used the SCO platform to shed light on the dispute between his nation and Pakistan. He slammed any support for terrorism, indicating the need for respect for international law and the sovereignty of all nations.
The SCO Summit, held from 31 August to 1 September, came at a time when calls for regional integration and the reforms of integral international institutions seemed to be heightened.
The summit has clarified the need for a new world of cooperation that sees initiatives such as India re-establishing the direct flight route between itself and China, which has been in limbo for over 5 years. In the spirit of restoring ties, Russia also alluded to ending the tension with Ukraine, praising the Alaska Summit with President Donald Trump last month for aiding in those efforts.
The SCO’s combined GDP is estimated to be around $30 trillion, placing it in prime position to challenge the current world order.
In progressing the collective, the SCO agreed on the implementation of its 2025-2035 Development Strategy, which recommends the establishment of its own development bank, paving the way for de-dollarisation and strengthened trade ties between member states.
