Geoeconomic Drivers Of SCO-BRICS Synergy
Just a week before the BRICS summit in Kazan, the Shanghai Cooperation Organization (SCO) held a summit in Islamabad. This convergence is significant in numerous ways. The summit in Pakistan involved the Council of the Heads of Government of SCO member-states. A joint communique was issued from the summit, emphasizing the need to implement decisions made at the SCO annual summit last July in Astana. This is where the heads of state, including new SCO full member Iran, gathered.
China's SCO Presidency
China, which follows the rotating SCO chairmanship of close ally Pakistan, has officially taken over the SCO presidency for 2024 to 2025. The focus of the Chinese presidency is business, as indicated by its motto, "action". Beijing has already started promoting further, faster synergy between the Belt and Road Initiative (BRI) and the Eurasia Economic Union (EAEU), whose predominant power is Russia.
The Steppe Road
One of the key connectivity subplots at the Islamabad summit was the Steppe Road, a Mongolian idea that has evolved into an upgraded economic corridor. Mongolia, an observer at the SCO, proposed the idea of a Taliin Zam ("Steppe Road" in Mongolian) in 2014. This concept includes five major passages: a maze of transport and energy infrastructure to be built with investments totaling at least $50 billion.
China Pakistan Economic Corridor
Chinese Premier Li Qiang attended the SCO summit in Pakistan with a connectivity priority: advancing the next stage of the $65 billion China Pakistan Economic Corridor (CPEC), arguably BRI’s flagship project. Li and his Pakistani counterpart Sharif inaugurated the strategically crucial, Chinese-financed Gwadar International Airport in southwest Balochistan.
SCO's Evolution
The SCO has evolved from counter-terrorism to geoeconomic cooperation since the early 2000s. The SCO will not turn into a military alliance in an anti-NATO mold. What matters most now for all members, apart from geoeconomic cooperation, is to combat the West’s war of terror.
Global Security Initiative
A mechanism that could further solidify the SCO and pave the way for a merger with BRICS is the Chinese concept of Global Security Initiative. This concept aligns with the Russian concept presented to the US in December 2021. China proposes to uphold the principle of indivisible security and build a balanced, effective, and sustainable security architecture.
Bottom Line
While indivisibility of security cannot yet be adopted Eurasia-wide, win-win cross-border connectivity continues to progress, from the Steppe Road to New Silk Road corridors. What are your thoughts on this development? Do you see the potential for further synergies between the SCO and BRICS? Share this article with your friends and join the conversation. Don't forget to sign up for the Daily Briefing, every day at 6pm.
