s global power dynamics continue to shift, the Shanghai Cooperation Organisation is positioning itself as a serious counterweight to traditional Western-dominated institutions. With 10 member states, two observer states, and 15 dialogue partners, the SCO now represents nearly half of the world’s population and a quarter of the global GDP — signalling the emergence of a new centre of gravity in global affairs.

Rooted in the principle that development and security are shared responsibilities, the organisation is increasingly presenting a strategic and ideological alternative. While the extent to which its vision will be realised remains uncertain, growing coordination among SCO members points to a deliberate move toward a more multipolar world order. This broader vision of collective development and multipolarity was echoed in remarks by Chinese President Xi Jinping who warned last week that the international situation was becoming increasingly “chaotic and intertwined” and blamed the “bullying behaviour” of certain countries for it. “The security and development tasks facing member states have become even more challenging,” he said. “The world has reached a new crossroads in global governance,” Xi said. “We must continue to take a clear stand against hegemonism and power politics.”

In response to what he called an outdated systems of global power, Xi presented his Global Governance Initiative — a vision for a new international order prioritising the Global South. It rests on five key principles: upholding sovereign equality; respecting international law; practicing true multilateralism; adopting a people-centred approach; and focusing on practical solutions. “These real-world solutions mirror the Panjasheela or Panchsheel principles advocating a system where all nations, regardless of size or power, have equal participation in global governance,” says Naghmana Hashmi, Pakistan’s former ambassador to China.

A key highlight of the summit was the announcement of a proposed SCO Development Bank — a move seen as part of the broader effort to build financial systems independent of the US dollar and resistant to American sanctions. By offering 2 billion yuan ($280 million) in aid and 10 billion yuan in loans, the proposed SCO Development Bank is aimed at creating financial institutions that bypass the World Bank and the IMF. The GGI and the proposed SCO Development Bank aim to deepen cooperation across key areas such as security, trade, energy and technology — reinforcing the Shanghai Cooperation Organisation’s role as a platform for regional integration. For SCO leaders, the age of multilateralism is not just an aspiration — it is already under way.

Ambassador Hashmi (retired), who has built a deep and practical understanding of the........

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