If the three largest economies of Eurasia i.e. China, India and Russia agree to start a shared currency for trade, it will expand the proposal of BRICS for the US Dollar option.
Six years later, External Affairs Minister S.K. Jaishankar’s visit to China and Chinese Foreign Minister Wang Yi’s visit to India indicates that the direction of New Delhi’s foreign policy is changing from Trump turmoil. The 25th meeting of the Shanghai Cooperation Organization (SCO) to be held from 31 August to 1 September in Tianjin, China will be a center of attraction for many countries, strategic experts and economic advisors. The Tianjin port at Bohai Bay has been a symbol of China’s economic change since the 1979 reforms. The SCO meeting of 10 countries will get an idea of the next world system, which has become complicated by the controversial statements of US President Donald Trump.
Technology, especially in this era of digital economy, the new geopolitics, which is turning on the basis of global economy, is dominating the discourse of international relations. Therefore, if the leaders of Russia, China and India are found in the SCO, then they will have a full crate of issues, which have a huge geographical area from icy arctic to the hot Indian Ocean. It will have all the issues ranging from tariffs to restrictions and ballistic threats with alternative arrangements. But will it really happen?
First, a lot has changed in hosts China. In 1965, the ‘Char Modernization’ of Chau N Lai is clearly visible in Tianjin. Currently, China, India and Russia will have to keep pace with the strategies of protecting their respective economies due to Trump’s irrational tariff sanctions. There is a saying in China, Zhong Shu Wei Ti, Xi Shue Wei Yong (ie use Western studies), whose example has been seen in China since 1949. Today it can be called ‘special Chinese socialism’.
The leaders of China have always been looking for such a new economic system, which is very modern but Khanty Chinese. If someone interprets the ‘three folk principles’ of the Sun Yat-Sen as the background of socialism, then historical continuity can be seen. Yes, the Communist Party of China (CPC), Xi Jinping will definitely ridiculed the things written by Jinping Kuaminang, the founder of Kuaminang and will definitely be ridiculed, but will not condemn him. The continuity that was mentioned earlier was when after Mao’s time, Deng Shiao Ping said, “Generally, we believed that we have chosen the path, which we call the socialism of Chinese specialty, it is correct.” In this way he added a new chapter in China’s centuries -old debate to maintain economic pace and the landlords have taken away the land.
Capitalism for China means the distribution of money according to private ownership, free market economic system and earned capital. As a politician, Xi Jinping has to take the country towards the creation of high-producing powers, to remove socio-economic non-equals, rural-urban differences and make people’s lives easy.
Years of epidemic (2019–2022) have put China in economic crisis, which is still on. Xi Jinping requires that Tianjin has a continuous flow of the multilateral format, logical policy results of the SCO, not unilateral decisions.
In the Shanghai Cooperation Organization, Russia’s emphasis is to remain on the economic and strategic sanctions imposed in the West. According to Moscow, there is a corporate greed in trying to isolate Russia on the pretext of war in Ukraine, which is getting instigated by the alleged watch of democracy in the world. According to Russia, it is a new conspiracy to break Russia for corporate benefits in the name of perceived freedom, independence and justice.
In this way, concerns on Ukraine will be expressed behind the closed doors in the SCO meeting. Ukraine, especially Kyiv, is essential for Russia for its historical civilized continuity. Since 1325, the Eastern Orthodox Church in Moscow was earlier in Kiev, the center of Kevian Russia. More than three centuries later, in 1686, the lord of Constantinopal handed over Kiev to Moscow. For Moscow, the hypocrisy of the West appears that Ukraine is receiving defense material from countries that claim peace all the time, while ignoring atrocities in other places. For example, Gaza, Sudan and Myanmar. This meeting of the SCO will show how the major economic power America is uncomfortable facing the possibility of becoming the second largest economic power after China within a decade. For Putin, the re -confirmation of intensified relations with China decides that the US will have to face the mouth.
Prime Minister Narendra Modi’s presence in SCO this year is a sign of moving towards the multi -polar world. Shanghai Cooperation Organization is the voice of three billion people (including China and Russia) in the world’s largest population i.e. 2025, whose every country wants to follow its own economic agenda. It is necessary to separate economic and political-comprehensive relations here. New Delhi, Beijing and Moscow will be more comfortable to trade with each other by establishing relations in diverse economic sectors. If the three largest economies of Eurasia agree to start a shared currency for business, it would further the BRICS proposal for the US dollar option, a currency that Bretton Woods suggested as an ideal currency for international monetary conversion of market values.
Indeed, the US dollar association ended in 1971, although it continued as a reference point, which required extremely necessary improvements. Trump opposes this, and he has said that he will eliminate the BRICS. Will the SCO 2025 work towards increasing the economic agenda, which can free the Eurasia sector from uncontrollable threats, with the only determinant of political-mating factor? Economic stability should be the first condition in which coordination with the respective domestic aspirations should be made, not directed them.
India can be a major model of providing financial services to equal in sanctioned trade values. Being Asia’s oldest stock market (1875), Mumbai can be the place where flexibility in business-related financial mobility, mudification, and resources raising should be considered. India will have to persuade ten members to condemn all types of terrorism and persuade them to issue a statement. Pakistan will raise objections as a member of this inter-governmental platform, but should not derail our economic agenda and keep political issues separate, not discriminating against members like Iran and strengthening the group’s economic identity. A difficult decision is yet to be taken, beyond the words of India’s foreign policy, you have to work on the policy of walking towards the east by presenting an example of such economic strength, presenting, which is not surrounded by Trump’s inflammatory statements. The SCO meeting will have to give a very close message that its presence and functioning in the Eurasian market is ten times larger than before.
(Knowledgeable about China and Taiwan relations, views are private)