SCO Summit Reinforces Multipolar World Order

The 25th Shanghai Cooperation Organisation (SCO) Summit signifies a crucial juncture in both global and regional dynamics, strengthening the shift towards a multipolar global structure, according to Mian Zahid Hussain, who is the President of the Pakistan Businessmen and Intellectuals Forum (PBIF), All Karachi Industrial Alliance (AKIA), and Chairman of the National Business Group Pakistan (NBG).

He provided commentary on the noteworthy results of the recent SCO Summit held in Tianjin, China.

Economically, the creation of the SCO Development Bank and the focus on trade settlements outside of the dollar represent a joint initiative to develop a financial system that is autonomous from Western influence. In the political sphere, the Tianjin Declaration highlighted the dedication of member nations to sovereignty and non-intervention, presenting a novel framework for global affairs.

For both Pakistan and China, this conference has bolstered their enduring strategic partnership. Conversations centered on enhancing trade and industrial cooperation, specifically with efforts to facilitate the subsequent stages of the China-Pakistan Economic Corridor (CPEC).

The summit also served as a vital venue for coordinating defense and counter-terrorism measures through the establishment of new security centers, which are indispensable for safeguarding Pakistan’s national security and promoting regional stability.

Regarding relations between India and China, the summit seems to have fostered an essential chance for a fresh start. Prime Minister Modi’s participation and the initiation of new dialogues on border matters suggest a pragmatic move toward cooperation over conflict, which stands to positively impact the economic and political environment of the entire region.

Pakistan must employ a well-balanced and adaptable diplomatic strategy to effectively manage its relations with both China and the USA.

We should capitalize on our strategic geographic location to enhance regional connectivity, while also nurturing a resilient and diverse relationship with the United States.

This approach isn’t a zero-sum game; advancing our national interests requires collaboration with all significant global powers, based on mutual respect and common objectives.

Mian Zahid Hussain stated that this summit highlights the SCO’s transformation from a primarily security-focused entity into a comprehensive platform that fosters economic integration and promotes a stable, multipolar world.