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Alexei Maslov: SCO is becoming not regional, but transregional and one of the most influential international organizations KXan 36 Daily News

Date: September 28, 2023 Time: 00:59:07

I would also like to note the fact that a lot was said earlier about the need to improve the financial mechanisms of the SCO and, perhaps, for the first time this topic was raised so realistically. We are talking about the possible creation of a SCO bank to finance joint projects. And this suggests that if the SCO was initially seen as a purely security organization opposed to terrorism and separatism, now many countries are in favor of transforming the SCO into a serious financial regulatory organization.

As a result, the question of a joint unit of account is raised, and maybe it will be the yuan or some other currency, but in any case, this is exactly what a bank is needed for. There is already experience in the creation of this type of joint banks. For example, the new BRICS Bank or the Asian Infrastructure Investment Bank. In this case, the main question is the amount of liquidity of such a bank and how many countries are willing to finance it. And now we are talking not only about China, but about many other countries.

And another important question is what countries actually say about the complexity of the challenges. Therefore, it is no coincidence that the Russian president proposed to several other countries to support the anti-terror center as the core of integrated security. Absolutely all countries here are opposed to interference in their affairs, and many of them have just suffered from this. Even Xi Jinping is already speaking openly about the danger of new “color” revolutions.

Therefore, the decision-making independence of the SCO countries is a common security guarantee.

Finally, China is actively offering to transfer its technologies to the SCO countries, and this against the background of the fact that Chinese technologies are blocked in every possible way on Western markets.

In short, we must clearly understand that the SCO has new levers and new objectives. If for a long time the SCO was just a platform for some kind of discussion, now this organization is proposing very specific projects.

In this sense, unfortunately, without additional challenges, the SCO could not move forward sooner.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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