The 23rd Shanghai Cooperation Organization (SCO) summit, held from 14th to 16th October 2024 at the Jinnah Convention Center in Islamabad, marked a crucial phase for Pakistan in strengthening ties in economic cooperation, politics, bilateral relations, trade, regional security, and cultural exchange among Eurasian countries. The SCO comprises Pakistan, Russia, China, Iran, India, Kazakhstan, Tajikistan, Kyrgyzstan, Belarus, and Uzbekistan, with 16 more countries acting as observers and dialogue partners.
Since becoming a full member of the SCO at the 2017 summit in Kazakhstan, Pakistan has consistently sought to maintain strong relations with Eurasian nations for mutually beneficial outcomes. This year, Pakistan demonstrated its commitment to fostering cooperation and regional unity by successfully organizing and chairing the summit. The participating countries showed a clear determination to enhance collaboration in various fields, promoting development and global peace. Key attendees included Russian Prime Minister Mikhail Mishustin, Chinese Premier Li Qiang, Indian External Affairs Minister S. Jaishankar, and other leaders from the participant countries.
Asia has increasingly become an economic and political hub, and Pakistan has gained strategic importance within the region, offering trade connectivity to Central Asian countries. Pakistan also articulated its vision of a connected Eurasia. In terms of economic development, projects such as the Belt and Road Initiative, the International North-South Transport Corridor, railways, roads, digital infrastructure, and the China-Pakistan Economic Corridor were central to discussions, and agreements were made to expand these initiatives. These are encouraging steps for Pakistan to showcase its progress, especially when the country is grappling with severe economic and political challenges. However, the government must be cautious not to overburden citizens with additional taxes. People are seeking relief, not more financial strain, as illustrated by the widespread frustration over soaring electricity bills and the rising cost of living.
According to the Pakistan Bureau of Statistics’ 2024 report, the inflation rate dropped to 6.9% in September, down from 9.6% in August, with consumer prices falling by 0.5% month-on-month. However, this slight decline does little to offset the sharp rise in daily expenses. For example, petrol prices in Pakistan have surged dramatically—from Rs. 74 per litre in 2015 to Rs. 214 per litre in 2022, Rs. 331 per litre in 2023, and now Rs. 249 per litre in 2024. Meanwhile, the prices of essential goods remain out of reach for many, placing additional strain on the average citizen.
Pakistan has faced significant setbacks in recent years, including the devastating 2020 floods that displaced millions and caused widespread damage to crops, infrastructure, and livestock. Terrorist activities have further compounded the country’s economic and human losses. Despite these challenges, the government’s effort to host 900 delegates at the SCO summit demonstrates a resolve to navigate through a fragile economy. However, sustained progress will require continuous efforts from all political parties. Future governments must build on the initiatives of their predecessors rather than discarding them for political reasons. A unified agenda, focused on the welfare of the country, is essential for Pakistan to establish a stable economic and political foundation.
The SCO summit has offered a glimmer of hope, potentially leading to job creation and economic opportunities for citizens. What is needed now is persistent effort and collaboration, aimed at securing a prosperous future for Pakistan rather than allowing it to become a pawn in political games.
Dr. Saira Kazmi
The writer is an award-winning columnist, researcher and Visiting Asst. Prof. (Ph.D. in Linguistics, Malaysia) at Riphah International University & Quaid-e-Azam University, Islamabad, Pakistan. She can be reached at saira.asad2011@gmail.com.
