https://sputniknews.in/20260901/institutions-like-sco-bank-needed-to-counter-us-unilateralism-experts-12127757.html
Institutions Like SCO Bank Needed to Counter US Unilateralism: Experts
Institutions Like SCO Bank Needed to Counter US Unilateralism: Experts
Sputnik India
The Bishkek Declaration unveiled at the conclusion of the 26th Shanghai Cooperation Organisation (SCO) Summit in Kyrgystan stressed the importance of continuing work in setting-up an SCO Development Bank
2026-09-01T21:25+0530
2026-09-01T21:25+0530
2026-09-01T21:25+0530
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The need to have the proposed SCO Development Bank, along with BRICS-backed New Development Bank (NDB) and other Global South-focussed financial institutions, has become all the more important because of growing Western unilateralism, experts have told Sputnik India.Trigunayat reasoned that western policy moves were a factor driving synergy between Global South financial institutions, which would also include the SCO Development Bank.Bharatiya Janata Party (BJP) politician Savio Rodrigues said that an SCO Development Bank would help to bolster India's strategic autonomy,Rodrigues opined that Delhi should work towards building a "genuinely multipolar financial system" that gives nations greater choices.At the same time, Rodrigues stressed the importance of transparency, sound governance railguards as well as preventing these upcoming institutions to be dominated by a single power.Since the Tianjin Summit last year, the SCO nations have held four rounds of consultations on setting-up an SCO Development Bank. Addressing the Bishkek Summit on Monday, President Vladimir Putin said that the upcoming SCO Development Bank should be as independent as possible from states using financial institutions as economic weapons.
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Institutions Like SCO Bank Needed to Counter US Unilateralism: Experts
The Bishkek Declaration unveiled at the conclusion of the 26th Shanghai Cooperation Organisation (SCO) Summit in Kyrgystan stressed the importance of continuing work in setting-up an SCO Development Bank, for which a political consensus was reached at the Tianjin Summit.
The need to have the proposed SCO Development Bank, along with BRICS-backed New Development Bank (NDB) and other Global South-focussed financial institutions, has become all the more important because of growing Western unilateralism, experts have told Sputnik India.
"As the unilateralism and one-size-fits-all paradigm is dictating the policies of Bretton Woods Institutions and the US leadership, it is an imperative and a given that other geoeconomic powers will respond through establishment of alternate financial architecture and mechanisms to enhance cooperation among their ilk," said Ambassador (retired) Anil Trigunayat, a former Indian envoy to Jordan, Libya and Malta.
Trigunayat reasoned that western policy moves were a factor driving synergy between
Global South financial institutions, which would also include the SCO Development Bank.
"However, it is important to not have a plethora of such institutions which might act at cross purposes with their divided and therefore weakened economic heft," the ex-Indian envoy cautioned.
Bharatiya Janata Party (BJP) politician Savio Rodrigues said that an SCO Development Bank would help to bolster India's strategic autonomy,
"I see the SCO Development Bank and the BRICS New Development Bank as important instruments in India’s journey towards strategic economic autonomy," Rodrigues stated.
Rodrigues opined that Delhi should work towards building a "genuinely multipolar financial system" that gives nations greater choices.
"Such institutions can strengthen trade, energy security, infrastructure and connectivity, particularly when geopolitical tensions disrupt traditional financial channels," the Indian politician said.
At the same time, Rodrigues stressed the importance of transparency, sound governance railguards as well as preventing these upcoming institutions to be dominated by a single power.
Since the Tianjin Summit last year, the SCO nations have held four rounds of consultations on setting-up an SCO Development Bank. Addressing the Bishkek Summit on Monday,
President Vladimir Putin said that the upcoming SCO Development Bank should be as independent as possible from states using financial institutions as economic weapons.
The SCO countries have also reiterated their call for reform of global financial institutions such as International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF) to increase the representation of developing nations on the governance boards, the Bishkek Declaration said.
