Bishkek (GNP): Russian President Vladimir Putin described the Shanghai Cooperation Organization (SCO) as the world’s largest regional grouping on Tuesday, telling the SCO summit in Bishkek that its member states collectively represent around half of the global population and that the organization has developed into an influential centre of the emerging multipolar world since its establishment 25 years ago.
Putin said the SCO had made significant progress over the past quarter-century and supported ongoing efforts to further improve the effectiveness of its work, identifying stronger trade and economic cooperation among member states as a key priority going forward.
Within that context, he particularly highlighted the growing use of national currencies in trade settlements, noting that more than 98 percent of Russia’s payments with its SCO partners are now conducted in national currencies.
According to Putin, greater use of local currencies could help expand economic cooperation and reduce dependence on traditional international payment systems, a direction he framed as central to the organization’s next phase of growth.
The SCO was founded in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, and has since expanded to 10 full members with the addition of India, Pakistan, Iran and Belarus.
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That growth in membership was reflected in Bishkek, where SCO leaders gathered to mark the organization’s 25th anniversary and discuss its future direction, regional cooperation and major international developments, with the summit also expected to focus on strengthening economic ties, connectivity and security cooperation among member states as the bloc seeks to expand its role in the evolving multipolar world order.
Vladimir Putin said, “The SCO today is in fact the largest regional organization in the world, where half of the world’s population lives.”
Managing Editor at Global News Pakistan (GNP), with a Bachelor's degree in International Relations from Riphah International University, graduated with a Gold Medal. Reach out at sabahtareengnp@gmail.com
