was to set up a development bank to strengthen financial resilience among member states and reduce dependence on the US dollar.
IMO the recent SCO summit had 2 major historical events that could be talked about in the decades to come as the first major steps.
One was this bank they announced which is a huge step in the dedollarisation direction; and the other was China's military parade where they showcased their massive arsenal and sent a very serious signal to the West and its acts of aggression. We may no longer see what I refer to as China's Weasel Doctrine where China is indifferent to everything that goes on around them even if it has significant impact on their security.
The world needs more viable partnerships because the bullying of the US is getting out of hand. Some businesses in my country, whose major customers are in the US, are going bankrupt because of this tariff. You can't send any product to the US without paying high postal rates. Many of these business owners have started seeking markets in other countries. Many travel agencies are now promoting visa applications for mainly Asian countries for businesses to seek other opportunities.
This was bound to happen and even though it will create a lot of disruption in the short term but in the long run it will help solidify the economy of these countries as
I speculated earlier this year. Not to mention that this forces each of these businesses (and the countries on a larger scale) to diversify their trade partners which is a great move to ensure national and economical security.