SCO expert: Strengthening economic cooperation in Eurasia

Experts predict that the Shanghai Cooperation Organisation (SCO) may soon serve as a platform for strengthening economic bilateral cooperation among developing countries in Eurasia.

In July 2024, Kazakhstan will host the 24th meeting of the SCO Council of Heads of State (SCO Summit). In the context of growing protectionism in the global economy and intensifying competition in the field of high technology, developing countries are increasingly seeking to coordinate their actions. Yaroslav Lissovolik, a member of the Russian International Affairs Council (RIAC), wrote about this in an author's article for CGTN, a partner of the TV BRICS international media network.

BRICS and SCO Expansion: The Path to South-South Cooperation (SSC)

The SCO is becoming an increasingly important association for the developing economies of Eurasia. With the growing number of countries joining the SCO, the trend towards closer South-South integration is increasing.

In recent years, the expansion of the SCO has gone in tandem with the expansion of the BRICS. In 2023 and 2024, the UAE and Iran became BRICS members, and at the same time, the level of the countries' cooperation with the SCO increased.

Yaroslav Lissovolik believes that this provides new opportunities for coordination between SCO and BRICS in the future. Russia, which holds the BRICS chairmanship this year, supports close integration between Eurasian Economic Union (EAEU), SCO, and BRICS.

The establishment of a single platform uniting the main regional integration groupings in Eurasia will be the basis for the development of the "integration of integrations" format in South-South Cooperation.

Key Role of SCO in Eurasian Infrastructure Development

The CGTN expert states that the countries of the SCO have an opportunity to join efforts in financing major infrastructure projects in Eurasia.

The issue of financing projects connected to transport corridors is especially acute. Landlocked Central Asian countries such as Kazakhstan, Kyrgyzstan, and Uzbekistan are in great demand. The region is already benefiting from the "One Belt, One Road" initiative proposed by China.

The SCO could become a platform for national and regional development banks to jointly finance infrastructure projects. Another potential merger is the creation of an SCO development bank that would complement the efforts of other development institutions to bridge the "infrastructure gap" in Eurasia.

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