The Shanghai Cooperation Organization (SCO) is set to hold its 24th Meeting of the Council of Heads of State in Astana, Kazakhstan, on July 3-4, 2024. This summit comes at a pivotal time as developing economies across Eurasia strive to align their policies amidst rising security tensions, increased protectionism, and fierce competition in high-tech industries.
Economic cooperation is poised to take center stage on the SCO agenda, with members focusing on enhancing trade, financial sector collaboration, and coordination in investment flows and labor migration. The SCO aims to establish itself as the leading platform for South-South economic integration, a trend that is gaining momentum with the growing number of developing nations joining the organization.
Since India and Pakistan joined in 2017, and Iran in 2023, the SCO's expansion reflects a broader movement towards closer regional ties. The upcoming summit may even see Belarus join the ranks, further solidifying the organization's influence in Eurasia.
In addition to full members, the SCO has broadened its network of dialogue partners, welcoming economies from the Middle East such as Bahrain, Saudi Arabia, and the United Arab Emirates. This expansion parallels the growth of BRICS in 2023 and 2024, with countries like the UAE and Iran also becoming BRICS members. This dual membership paves the way for increased collaboration between the SCO, BRICS, and the Eurasian Economic Union (EAEU).
Looking ahead, the SCO envisions creating an expansive platform that unites major regional blocs in Eurasia, including the EAEU, Gulf Cooperation Council, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, and the Association of Southeast Asian Nations (ASEAN). This integrated approach aims to foster a roadmap for regional trade liberalization and advance South-South cooperation.
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SCO to drive economic cooperation of developing countries in Eurasia
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