Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Araghchi to Grossi: These parties will bear responsibility for the consequences of their actions
Araghchi to Grossi: Iran will respond to any unlawful action by European countries or parties attempting to turn the Agency into a tool for achieving their objectives
Araghchi to Grossi: We urge the Agency to warn against the consequences of any political move against Iran
Araghchi to Grossi: We call on the Agency to highlight Iran’s full cooperation during the upcoming Board of Governors meeting next week
Araghchi to Grossi: We demand that the Agency reflect the facts in a manner that prevents certain parties from exploiting it to advance their political agendas
Iranian Foreign Minister Abbas Araghchi holds a phone call with IAEA Director General Rafael Grossi
Trump envoy Witkoff has sent 'detailed and acceptable proposal' to Iran for nuclear deal; it's in their best interest to accept it: White House Press Secretary Leavitt
Hamas official says Witkoff's position toward group was 'unfair' and shows 'complete bias' to 'Israel'
Hamas official says it has considered Witkoff's proposal acceptable for negotiations, says 'Israel's' response was incompatible with what the group agreed on
Hamas official says group has not rejected Wikoff's proposal for Gaza ceasefire

What is the significance of the recent Shanghai Cooperation Organization meeting?

  • Natalie Jones Natalie Jones
  • Source: Al Mayadeen English
  • 2 Oct 2022 22:37
  • 1 Shares
6 Min Read

With countries previously failing to follow through with their financial independence, the global landscape has now changed fundamentally with the emergence of superpowers such as Russia and China.

  • x
  • What is the significance of the recent Shanghai Cooperation Organization meeting?

The 2022 SCO summit took place on September 15 this year in Samarkand, Uzbekistan. SCO stands for the Shanghai Cooperation Organization and is a Eurasian political, economic, and security organization. It is, in fact, one of the world’s largest organizations, compromising approximately 60% of Eurasia, 40% of the world’s population, and 30% of the world’s GDP. Current members include Russia, China, India, Iran, Kazakhstan, Pakistan, Kyrgyzstan, Tajikistan, and Uzbekistan. There are also a number of dialogue partners such as Nepal, Turkey, and Sri Lanka, among others.

Some of the key outcomes of this meeting included the development of Russia’s ongoing strategic partnership with China through a commitment to increase bilateral trade between the two countries. Putin was quoted by TASS as stating that trade between the two countries may reach $200 bln by 2024. Discussions at the SCO summit revolved partially around the Power of Siberia 2 pipeline and transporting gas from Russia to China through Mongolia.

Furthermore, Russia was approached by Pakistani President Shahbaz Sharif regarding a potential gas pipeline from Russia to Pakistan. Russia and Iran have also strengthened their strategic partnership in recent months and have signed economic and military agreements according to the institute for the study of war. Furthermore, economically speaking, Iran has increased the use of the Kremlin’s Mir electronic payment system to replace the SWIFT system from which Russia has been banned. In addition, several bilateral meetings were held such as between PM Modi and President Ebrahim Raisi and Uzbek President Shavkat Mirziyoyev and Turkish President Recep Tayyip Erdogan.

Clearly, the SCO summit is critical for strengthening bonds between its members and further enhancing the long-term economic development of its member nations, as well as improving the living standards of its respective populations. However, how will this affect countries which are not a party to its membership, such as Western nations? The further development and strengthening of ties (especially economic ones) have occurred outside of the West’s financial framework and infrastructure, and more importantly outside the US dollar, thus, further enhancing the division between Western and Eastern global financial systems. A contributing factor to this has obviously been Western sanctions on countries that they deem “rogue nations”, such as Russia and Iran. Recently banning Russia from using the SWIFT payment systems has led Russia to focus on the development of its own payment systems. The  West’s intention to cripple Russia’s economy has not, as yet, been satisfied, and it seems that Russia has moved forward swiftly in establishing its own methods of payments, including the Mir card as an alternative to Visa and MasterCard. 

Of course, there have been challenges to Western financial dominance in the past. Previously, Saddam Hussein decided to move away from using the US dollar as the currency for oil exports in 2000, which represented a direct challenge to the use of the dollar as a currency for transactions. Furthermore, Gaddafi had been attempting to create a pan-African “hard currency” that the West considered to be a threat to the financial security of the world. These leaders were removed under the guise of humanitarian reasons and concerns. Clearly, these countries did not have the power and force to follow through with their financial objectives alone. However, the global landscape has now changed fundamentally with the emergence of superpowers such as Russia and China. By establishing the SCO, they have secured a collective challenge to Western dominance in the economic and political sphere. Given the historical events, it seems that this is the only way for countries outside the Western periphery to challenge its dominance. 

It remains to be seen how the West will react to such a direct challenge to its global dominance. Undoubtedly, it may seek to secure regime changes across countries that align themselves with the East rather than the West. However, given the consolidation of support that the SCO has so far garnered, this may not be as easy to achieve. The West has not, despite its best efforts, managed to secure government change within Russia following Russia’s special military operation in Ukraine, just as it was unable to secure government change in Syria. With emerging superpowers such as Russia and China monitoring the political landscape, this poses a direct challenge to the West’s perusal of its objectives internationally. 

One must also consider how the establishment of an alternative economic zone could affect the economic development of Western nations themselves. Will a Eurasian economic zone directly compete with a Western zone? We have already seen that Western companies have decided to outsource a significant proportion of manufacturing to the East. Do two polarized zones render it likely that the West will start investing in its own manufacturing capability? Will this work in practice given the current explosion in energy prices and consequent increased costs of production experienced by Western companies?

It appears that undoubtedly the world will become increasingly polarized. However, I cannot help but think that there certainly may be benefits of a division between the East and the West. Most importantly, it will signify the end of Western global dominance and the ability of nations to have the freedom to pursue their own ambitions, both politically and economically, which may ultimately benefit the living standards and quality of life of the populations within those nations.

Each country should have the freedom and right to do this, just as Western nations have done historically. One country’s development and prosperity should not be at the expense of another’s, and each country should have a fair and equal opportunity to pursue its own success unhindered by sanctions and other forms of domination and control.

The views expressed in this article are solely those of the author and do not necessarily reflect Al Mayadeen’s editorial stance.
  • samarkand
  • Shanghai Cooperation Organization
  • Sanctions on Russia
  • China
  • SCO
  • Iran
Natalie Jones

Natalie Jones

Independent journalist based in the UK

Most Read

All
Although the background information does not indicate direct US involvement, considering the broader geopolitical context, it is plausible that the US would have an indirect impact. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

Did 'Israel', US fight a proxy war with China in South Asia during the India-Pakistan escalation?

  • Feature
  • 19 May 2025
The two countries need to sit down and resolve the crisis with maturity, to consider carefully that they could be being manipulated to be easily dominated. (Al Mayadeen English; Illustrated by Batoul Chamas)

Algeria and Mali, divided and almost conquered

  • Opinion
  • 25 May 2025
Trump and Biden both pretended to be fighting Netanyahu

Trump and Biden both pretended to be fighting Netanyahu

  • Analysis
  • 28 May 2025
The spirit of Bandung: 70 years on

The spirit of Bandung: 70 years on

  • Opinion
  • 18 May 2025

Coverage

All
The Ummah's Martyrs

More from this writer

All
Vladimir Putin’s meeting with Kim Jong Un: Impact on global politics

Vladimir Putin’s meeting with Kim Jong Un: Impact on global politics

Why should the decision of the British government to send depleted uranium to Ukraine be condemned?

Why should the decision of the British government to send depleted uranium to Ukraine be condemned?

Why does Western foreign policy need to change?

Why does Western foreign policy need to change?

How has global influence in the Middle East shifted?

How has global influence in the Middle East shifted?

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS