The start of a new world

The recent SCO Summit, combined with the Victory Day parade in China, marked a significant move to achieve the goal of a new multi-polar world.

The presence of Russian President Vladimir Putin, North Korean President Kim Jong Un, Indian Prime Minister Narendra Modi and Pakistan's Prime Minister Shehbaz Sharif, along with COAS Field Marshal Syed Asim Munir, made it a historic occasion for the Chinese leadership to kick-start a new multi-polar century.

US President Trump saw the gathering with awe and jealousy. The balance of power has definitely turned in favour of Asia. A long-awaited Asian century has emerged with a bang, ushering in a new era of multilateralism in a fractured world.

It was inspiring to see these powerful leaders gathering in China for a single purpose: to give peace a chance and advance stability and tranquillity in a genocidal world of terror. The leaders had an agenda of peace, prosperity, progress and development to find a new future for a world dominated by a singular side, with multiple options harbouring a bright future and balancing an unbalanced world.

The achievement was enormous in the real sense of the word. The parade showcased military hardware, along with supersonic missile technology innovations, to show the US leadership and Nato that they must be ready for a new alternative leadership. It was the beginning of a multi-polar world, balancing the archaic earnest texture of the past.

The end of World War II marked the start of new global politics, as the UN was formed and its vital organ, the UNSC, took a new turn in shaping world politics. The World Bank and the IMF became institutions of the economic powers that shaped the world’s economic prosperity, ultimately leaving the Global South suffering from numerous economic ills.

Political power was exercised by the UN through the UNSC, shaping the new world order and continuing to influence the fate of nations.

The UNSC became the arm of the powerful P-5 and made the world worse through its non-implementation of resolutions. Palestine and Kashmir are at the top of the manifestations of such disgrace.

Nato versus the Warsaw Pact came out as a balancing act of terror in the world of politics. The Warsaw Pact dissolved after the disintegration of the former USSR (Soviet Union), but Nato continued with unity and strength. That strength and unity of Nato are now shattering as it faces threats from Russia.

The SCO gave a roadmap of global good governance through its Global Governance Initiative, announced by President Xi Jinping. The UN and the US are fast losing their credibility and are no longer stabilising factors in the world. The Global Governance Initiative is a broad-based vision of Chinese leadership for a new security paradigm and economic order, ensuring active participation of the Global South.

The SCO Development Bank is a vital part of this new initiative to counter the harsh conditions of the IMF, which exploits member countries as a tool to benefit the West. There is, in fact, a major global shift in economics, politics and security pyramids that needs to be highlighted in the new paradigm.

The IMF voting rights granted to member countries do not reflect the real strength of their economies, as there is a considerable shift in economic power and prowess among member countries. China, Russia, Brazil and India are far ahead in economic strength compared to their voting rights. The voting rights do not represent the true strength of their economic power.

The SCO and BRICS member countries have come a long way in showing their political and economic strength in world affairs.

The centre of gravity is fast shifting towards China in global affairs, as far as world politics is concerned. The Chinese leadership is quite visionary in its decision-making, as it has created an alternative to the first world dominated by the US and its allies. 

Economic security has become a dominant factor in the realm of state security. China has become the unannounced leader of the Global South, looking forward to providing necessary security cover and financial support as a balancing factor to the US.

The Global South had been in a very precarious situation while dealing with the IMF or World Bank for its development and economic progress. Now, China is all set, through financial support mechanisms in the form of the SCO Bank, AIIB and the Asian Monetary Fund, to extend loans to member countries on very concessional terms and conditions. 

The BRICS countries have already started trade in their own currencies to reduce dependence on the dollar, giving strength to the Chinese yuan. This is a step forward and, in fact, the next level in breaking dollar dominance.

The Global South is looking to China to lead them in almost all affairs of their comity, from politics to economics and security. That clearly signals a shift towards a multi-polar world based upon the grand edifice of equality, mutual respect, and shared prosperity.

China, along with financial support mechanisms through its institutions, has also announced the establishment of an Artificial Intelligence Cooperation Centre for SCO member countries to help advance economic development and security, ensuring stability.

China is investing vast amounts of money using its large capital base and is, in fact, at a much more advanced stage in AI and its use in economic affairs.

The member countries, consisting of almost half of the world's population and a quarter of global GDP, have all the potential to dominate world politics. The Strategic Agreement of Russia with China has already made headlines, ringing alarms for the Western world regarding their security paradigm.

The UNSC has almost failed in resolving international conflicts. China launched the International Organisation for Mediation this year, headquartered in Hong Kong, for the peaceful resolution of disputes in accordance with the principles laid down in the UN Charter. Pakistan, Indonesia, Belarus and Cuba became the founding members of the organisation by signing the convention under the leadership of China.

This has paved the way for the exercise of multilateralism in world affairs, as existing institutions are facing multiple challenges. Trump's MAGA policy has severely undermined the confidence of world bodies. His tariff policy shook the world and institutions like the WTO, which was unprecedented in economic and trade history. The tariff turmoil continues, taking a heavy toll on global trade.

The IOM under China's leadership is definitely going to provide an alternative dispute resolution mechanism for the larger interest of the world.

Let us welcome the new multi-polar world order. Geographically, Pakistan is strategically located in South Asia, connecting the world at large. Pakistan can facilitate all trade corridors, from East and Central to West Asia, through land, sea and air linkages. Historically, Pakistan has been strategically aligned with the West, but has also served as a bridge between the West and China.

Now that world politics is transforming with the emergence of a new world order tilting towards China and Russia, Pakistan needs to make a well-crafted policy decision to balance its good relations with America and its excellent strategic ties with China.

Pakistan should focus on its trade corridors and investment opportunities, taking advantage of the recently concluded Five-Year Strategic Economic Plan (2025-29) with China to deepen its all-weather friendship as part of a comprehensive policy.

Disclaimer: The viewpoints expressed in this piece are the writer's own and don't necessarily reflect Geo.tv's editorial policy.

The writer is a former additional secretary and can be reached at: [email protected]

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