The SCO Industrial and Supply Chains Forum and the 2023 SCO International Investment and Trade Expo kicks off in Qingdao, east China's Shandong province, on June 15, 2023. (PHOTO: XINHUA)

By GONG Qian

Over the past two decades, the Shanghai Cooperation Organization (SCO) has emerged as a key platform for peace, prosperity and development in the entire Eurasia region, Indian Prime Minister Narendra Modi said at the 23rd meeting of the Council of Heads of State of the SCO, which was held virtually in India on July 4.

The major outcomes of this year's SCO summit included the New Delhi Declaration and two other joint statements on fighting terrorism, separatism and extremism, as well as the cooperation in digital transformation.

An extended family

Modi said he did not only see the SCO as an extended neighborhood, but rather as an extended family.

With Iran being accepted as a full member during this summit, the SCO currently comprises nine member states, four observer states and 14 dialogue partners. The SCO is the world's largest regional organization in terms of covering almost half of the world's population, with a combined GDP of 20 percent of the global GDP. Growing membership of the SCO is matched by its growing influence on the global stage, said UN Secretary-General António Guterres in his remarks at this year's summit.

"New countries joining the group underlines the importance of the group," said Modi. Iran's entry as a full member can strengthen its security foundations and cultural connections and contribute to its economic development, considering its capabilities in counteracting of terrorism and its geographic position, Mandana Tishehyar, faculty member at the ECO College of Insurance at Allameh Tabataba'i University in Iran, wrote in an article published on Valdai Discussion Club website, a Moscow-based think tank.

Committed to security and development

Since its establishment in 2001, the SCO has steadily evolved into a steadfast forum dedicated to promoting regional stability in both political and economic realms, said Dr Imran Khalid, political analyst based in Karachi, in his letter to Pakistan Observer.

In the modern world, the SCO is a unique organization, uniting a variety of countries, despite their differences in economic, political and ideological features. The accession of Iran and appeal to other countries demonstrate the unique and advantage of the SCO. Its resilience stands as a testament to its ability to transcend political and cultural differences, including territorial disputes and ideological divergences. It signifies a departure from the outdated Cold War mindset, embracing a world of increasing diversity and dissimilarities, said Dr Imran Khalid.

Making the pie of win-win cooperation bigger

"Within the framework of SCO cooperation, the emphasis is not on competition with each other, but on the complementarity of economies based on their competitive characteristics. And this approach has already proven its advantages," Obid Khakimov, director of the Centre for Economic Research and Reforms under the Administration of the President of the Republic of Uzbekistan, wrote for EU Political Report  website.

Meanwhile the SCO has achieved success in the development of trade and economic cooperation. The total trade volume of SCO member countries increased to 6.06 trillion USD in 2020, from 667.09 billion USD (not including India and Pakistan) in 2001. Its proportion of total global trade increased to 17.5 percent in 2020 from just 5.4 percent in 2001, according to the Report on Trade Development over 20 Years Since the Establishment of SCO released by China's Qingdao Customs and Ocean University of China in February 2022.

The SCO will remain an active organization in Eurasia irrespective of turmoil in any specific country with its significance growing in the region as China becomes more active and engaged, according to Financial Express Online.