Economic
Diplomacy and SCO
Mubasher Mir
Economic Diplomacy is the key
part of the Chinese dream and vision of the President of China Xi Jinping. He
told in his speech on October 24, 2013, “Good diplomacy with neighboring
Countries is a requirement for realizing the two centenary goals and the
Chinese dream of the rejuvenation of the Chinese nation. We need to work,
harder to promote our diplomacy with neighboring countries, strive for a sound
regional environment for our development, apply over own development for the
benefit of neighboring countries and achieve common development with them.”.
Keeping in view of this
philosophy, we are witnessing that china started the sharing of its destiny
with developing and neighboring countries. Shanghai Cooperation Organization
(SCO) is the best example of its kind. Although it was started in 1996 with
five basic members but in July 2002, it was elevated into a larger scale
institution and enforced on 19th September, 2003 as SCO. Right now,
this is the largest regional organization of the world.
Its main concerns are Political,
Economic and Security. The member countries consist of 42% population of the world
with covering 60% area. It’s worth mentioning that GDP of SCO countries is about
30% of the world. Pakistan and India have full member status while. Iran
submitted its application properly for full membership. President of Turkiya
Tayyab Erdogan is considering seriously for full membership of SCO as well.
Now-a-days security Threats for
every nation is the reality of this world, because if there are friends, there
could be FOE’s as well. So, SCO is
working on Counter Terrorism, Combat against separatism and extremism. It’s a huge challenge, that’s why Collective
Security Treaty Organization (CSTO) is closely working on these issues and
challenges.
Economic Diplomacy is the key
factor of this organization. The Chinese leadership eager’s to expand its cooperation with member
countries.
We all know that the Belt and
Road Initiative (BRI) is the appreciatable project of Chinese vision. This
depicts in Shanghai Cooperation Organization (SCO) as well, because the idea’s for economic cooperation
among the member countries are coming up. China already proposed the free trade
area and Joint energy and water resources projects. SCO Energy Club is a unique
idea, which has been proposed.
In 2019, then Prime Minister of
Pakistan Imran Khan, has been suggested that trade would be in local currencies
among the member countries of SCO. He also proposed to develop the financial
institutions. A unique proposal from Iran was proposed, which was single
currency for trade among SCO countries. This encouraging situation is
developing day by day.
In Samarkand, Uzbekistan, 22nd
Annual Conference was held and SCO Leaders adopted the Summit declaration including
four Joint Statements, on climate change, food security, energy security and
the statement on maintaining reliable International Supply Chains. All these
issues are very important in this present scenario.
Although, it was proposed by
Pakistan in 2019 Summit, now this time the leadership of SCO, agreed to take
steps to increase the use of national currencies in trade between their member countries.
This decision will help to reduce the dependence on other currencies in trade.
This policy will support to increase the trade volume as well.
The aim of the Economic Diplomacy
of the SCO leadership is peace and stability in the region. The path of the
peaceful development is the leadership’s strategic choice.
The success of SCO will be the
success of the people of this region. This is the most effective platform for
sharing the destiny among the member countries. This will lead this region into
peace and prosperity.
Although Ukraine war has been
discussed in Samarkand Summit but unfortunately the issues between India and
Pakistan were not even on side lines.
SCO has the mandate to address the
security issues in the region but the leadership of Pakistan and India was not
on the terms to even talk or say Hello to each other.
SCO is a forum to solve the
issues by diplomatic efforts but both sides are showing their ego’s
It is worth mentioning that the
previous history between the India and Pakistan regarding bilateral talks was
not result oriented in Pakistan’s prospective. But the diplomatic efforts are
the best way to step forward.
The SCO countries should offer
some special initiatives regarding GtoG, BtoB and Ptop areas to promote
economic and cultural diplomacy among their people. Being the largest
regional organization there are many
opportunities to reduce the poverty in low income groups of the population.
This region has large water and
energy resources and likewise the consumers so it’s a win win situation for
member countries.
If Political issues and disputes
will discuss then the economic diplomacy will work. Prosperity comes after
peace and it can be stabilized with continuous progress. Engagement is a first
step to resolve the issue.
All members countries should
think about the first step especially Pakistan and India.
