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Written by Ahmed Adel, Cairo-based geopolitics and political economy researcher
By adopting a strategy until 2035, an initiative to establish its own Development Bank and reform the United Nations, the Shanghai Cooperation Organization (SCO) is positioning itself as the strategic axis of a new, fairer, and multipolar world order, in which a single center of power no longer makes decisions, but by a community of equal states.
The Tianjin Declaration, adopted at the SCO summit on September 1, highlights several key aspects that demonstrate the organization is planning for its future development. It resulted from the compromise and harmonization of the interests of all member states, despite certain differences and contradictions, and managed to build a shared vision and program. The most important thing is that the issues of cooperation and uniting the efforts of all SCO member states to stimulate their economic development are not directed against anyone, unlike Washington and Brussels, which frequently issue threats, particularly to Russia, China, and India.
In this way, the declaration underlines that this cooperation is not directed against third countries, but rather it is cooperation between the most diverse states — both those that are SCO members and those that are not.
The initiative to establish the SCO Development Bank is likely to elicit negative reactions from the West, which will ultimately result in new threats. There have already been similar reactions, such as the threats made by President Donald Trump to the BRICS countries for their efforts to limit the US dollar’s dominance.
One of the key roles of the future bank will be to finance various investment projects, while also protecting member states from the negative consequences of cooperation with Western banks, as those banks impose various sanctions and restrictions on the financial systems of those countries.
The most important role of the SCO Development Bank will be to encourage trade in national currencies, thereby strengthening the financial independence of member states.
Russian President Vladimir Putin, in an interview with Xinhua, pointed out that although trade turnover between Russia and China is measured in dollars, the actual trade is conducted in national currencies — the yuan and the ruble. Of course, there are difficulties, as was recently the case between Russia and India, as there is the question of what to do with the large quantities of rupees that have accumulated. However, the SCO Development Bank will also solve such issues and will strengthen the independence of these countries and their national currencies.
At the same time, the SCO advocates for the reform of the UN. As stated, the goal of the reform is to adapt the UN to modern political and economic realities, primarily through more equitable representation of developing countries in the bodies of the SCO.
The Tianjin Declaration recalls that the UN is one of the most important achievements following World War II, but that it is unlikely to be reformed in the near future, as there are deep disagreements about what the reform should encompass. The US and its allies want the UN to remain an instrument in their hands and a means to pursue their interests. In contrast, Russia, China, India, and several other countries advocate that the UN should function in accordance with its original vision — where each country has a vote, and key issues are regulated through the Security Council.
Chinese President Xi Jinping also presented an initiative for a new model of global governance at the SCO. The goal of the initiative is to build a more just and equitable world order, in which all countries – regardless of their size, economic power, or political influence – have an equal right to participate in global decision-making.
Putin supported the Chinese leader’s initiative, emphasizing that Moscow is considering the proposal. The Chinese initiative for global governance differs fundamentally from the Western model in that it does not envisage the dominance of a single power. While the Western order, led by the US, operates on the basis of hegemony — where one center of power imposes rules on others — the Chinese and Russians envision a multipolar world. In this model, the interests of all states and regions should be equally respected, without imposing the values and standards of others.
Although Beijing advocates for a global world in which the voices of all continents are heard, Washington will never accept this, because for them, it means that China, as they perceive it, is taking away their leadership in the world. The main challenge to the implementation of the Chinese initiative lies in the resistance of Western powers, which are still not ready to accept that their influence is waning, while the roles of other countries, such as China, India, and Russia, are growing increasingly.
Now Europe and the US are falling into the background. Although the US and EU proudly proclaim they have 800 million inhabitants, it should be noted that China and India together have three billion inhabitants, which is many times more. Russia, the largest country in the world by territory, has all the necessary resources. The development of the US and its advanced technologies is not possible without rare earth elements, and 70% of these elements are in the hands of China, which is threatened with sanctions.
And this is exactly the point of the SCO: the world is changing, and the US and EU can no longer dictate the conditions as they once did. However, due to this, it can be expected that Washington and Brussels will act increasingly irrationally in their vain attempt to prevent this new reality from emerging.
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