SCO is Eurasian political, economic, and security organization formed in 2001 and headquartered in Beijing. It owes its origin to its predecessor Shanghai Five (China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan). Its driving philosophy is known as the “ Shanghai Spirit” which emphasise harmony, working by consensus, respect for other cultures, non interference in the internal affairs of others and non -alignment. Currently there are 8 members. India and Pakistan recently joined the grouping.
Importance of SCO:
- SCO symbolize new international world order which is guided by eastern value (Shanghai Spirit).
- Convergence of objective among all key player of the region. As peace in their strategic neighborhood is matter of concern for all.
- SCO in Qingdao summit has opened up SCO Bank which along with AIIB can be seen as future counter to Western established institutions like IMF, World Bank, etc.
- SCO reject western methodology of pressure tactics, regime change, etc. and believe in harmony, working by consensus, respect for other culture and non interference in the internal affairs.