The heads of state and government of the Shanghai Co-operation Organisation (SCO) approved the Astana Declaration of the Heads of State at a summit in the capital of Kazakhstan.
Russian President Vladimir Putin, speaking at a meeting of the Council of Heads of State, declared that the document touched upon key aspects of the global and regional agenda.
Putin stressed that the declaration “further highlights the commitment of all SCO participants to the formation of a just multipolar world order based on the central role of the United Nations, on international law, on the aspiration of sovereign states to mutually beneficial partnership.”
The SCO is a powerful alternative to European and global financial organisations and associations. Moreover, its purchasing power challenges the credibility of other economic groupings. In addition to economic issues, the SCO also addresses the problem of combating extremism and terrorism. The Astana Declaration is a vivid confirmation of the organisation’s commitment to the economic and political stability of the world.
Belarus was admitted to the organisation during the summit. According to Kazakh President Kassym-Jomart Tokayev, the country has fulfilled all the necessary procedures on its way to full membership in a short period of time. Thus, the number of SCO members has grown to ten. President of Belarus Alexander Lukashenko stated:
We all say that we are big, we are great. We are really great, we have more than 40% of the population, about a third of the world’s gross domestic product in dollar terms at purchasing power parity. In our organisation alone we have two of the most powerful leaders – China and the Russian Federation. And everybody is trembling before that dollar.
The organisation already includes Russia, India, Kazakhstan, China, Pakistan, Iran, Kyrgyzstan, Uzbekistan, and Tajikistan. Two more countries, Mongolia and Afghanistan, have observer status.
The SCO was founded in 2001 by Russia and China. Its official languages are Russian and Chinese. Despite discussing political agendas, the association emphasises that it does not have the attributes of a military alliance.
SCO members are increasing the use of national currencies in mutual settlements. Their share in Russia’s commercial transactions with SCO members exceeded 92% in the first four months of 2024, Putin said. He also suggested that the SCO should create its own payment and settlement mechanism.
Back in 2014, the SCO’s total gross domestic product was $12.5 trillion, or 16.03 per cent of the global figure. Today the figure, including new members and observers, is much higher and stands at $42.06 trillion.
