The recent assembly of the Shanghai Cooperation Organisation (SCO) in China marked a pivotal moment for the Global South, as leaders from over two dozen non-Western nations convened to champion a new global economic paradigm. This summit underscored the collective resolve of emerging economies, notably China, India, and Russia, to foster deeper trade relationships and advocate for a multilateral world order, particularly in response to protectionist policies from Western powers. The discussions illuminated the intricate web of trade flows within this bloc and its expanding influence on the international stage, signaling a potential realignment of global economic power.

SCO Summit: A New Era for Global Trade

In early September 2025, the vibrant city of Tianjin, China, became the epicentre of a significant geopolitical and economic discourse. More than twenty prominent leaders from non-Western nations gathered for the Shanghai Cooperation Organisation (SCO) summit, a forum that culminated in a powerful declaration on Monday. During this landmark event, President Xi Jinping of China articulated a compelling vision for a restructured global economic framework, one that places the Global South firmly at its core. This strategic meeting took place amidst a challenging international trade environment, specifically in the wake of the latest tariffs imposed by United States President Donald Trump.

President Xi’s address resonated with a strong call for unity against unilateral dominance, emphasizing, “We must persist in taking a clear stance against supremacy and power politics, and genuinely practice multilateralism.” This statement underscored the SCO’s foundational aim to serve as a counterbalance to the existing US-centric global institutions. The summit proudly showcased the robust economic prowess of its members, including the rapidly expanding economies of India and Russia. Together with China, these nations represent a formidable economic force, contributing over a fifth of the world's total Gross Domestic Product (GDP). Data from the Observatory of Economic Complexity (OEC) revealed the impressive growth of trilateral trade among China, India, and Russia, surging from $351 billion in 2022 to a remarkable $452 billion in 2023.

The SCO, currently comprising ten member states including Central Asian nations, Russia, China, India, Iran, Pakistan, and Belarus, collectively accounts for approximately 43 percent of the global population and 23 percent of worldwide GDP. Beijing’s ardent advocacy for multilateralism is particularly timely, given the escalating discontent among many nations regarding Washington’s trade tariff policies, which paradoxically have created a shared impetus for SCO members to enhance cooperation.

An in-depth analysis of trade patterns reveals China’s expansive commercial reach. In 2023, China’s primary trade partner remained the United States, which imported goods valued at $442 billion, constituting 12.9 percent of China’s total exports. These exports predominantly comprised electronics, machinery, various consumer goods, and telecommunications equipment. Geographically, Asia emerged as the foremost destination for Chinese exports, receiving $1.6 trillion in goods, with India alone accounting for $120 billion, or 3.1 percent of China’s total exports. Within Europe, China’s exports reached $819 billion, with Germany ($151 billion), Russia ($110 billion), and the UK ($95.3 billion) being the principal recipients.

Similarly, the United States stands as the largest consumer of Indian products. In 2023, US imports from India totaled $81.4 billion, representing 17.9 percent of India’s overall exports, primarily consisting of medications, pharmaceutical products, precious stones, machinery, and textiles. Asia also served as the main regional market for Indian exports, with goods amounting to $178 billion. The UAE was India’s second-largest export destination, at $31.4 billion, mainly in jewelry and refined petroleum. The Netherlands secured the third spot with $22.5 billion in imports, dominated by refined petroleum, while China ranked as India’s fourth-largest export market globally, and second in Asia.

A recent development saw US President Donald Trump announce a 50 percent tariff on Indian imports on August 6, citing India’s continued acquisition of discounted Russian crude oil. India swiftly condemned these tariffs as "unfair, unjustified, and unreasonable," unequivocally asserting its sovereign right to independently determine its energy policies. Despite considerable pressure from the US, India steadfastly continued its import of Russian oil, enticed by the substantial discounts offered by Moscow.

Before the conflict in Ukraine, Russia’s trade portfolio was significantly more diversified. In 2021, China was already its largest trading partner, absorbing 14.6 percent ($72.1 billion) of Russian exports. However, Russia also maintained strong trade ties with European nations, notably the Netherlands ($39.5 billion) and the US ($27.3 billion). Following Russia’s incursion into Ukraine in February 2022, stringent sanctions imposed by numerous Western nations dramatically curtailed these trade relationships. By 2023, China’s share of Russian exports surged to approximately one-third ($129 billion), followed by India at 16.8 percent ($66.1 billion), and Turkey at 7.9 percent ($31 billion). This shift cemented Asia’s position as the primary destination for over three-quarters of Russia’s exported goods.

Delving into the specifics of trade between China and Russia in 2023, China’s exports to Russia amounted to $110 billion, with machinery and transport equipment, particularly cars, leading the way. Conversely, Russia exported $129 billion worth of goods to China, predominantly mineral products such as oil and natural gas. In recent years, Russia has maintained a trade surplus with China, largely due to energy products constituting nearly three-quarters of its exports.

India’s trade relationship with Russia is characterized by a substantial deficit, with imports significantly outweighing exports. In 2023, Russia supplied $66.1 billion worth of goods to India, with energy products, primarily crude oil and natural gas, accounting for approximately 88 percent of these imports, much of which India acquired at preferential rates. In contrast, India’s exports to Russia, totaling $4.1 billion in 2023, were more varied, including significant contributions from chemical products, machinery, and metals.

Finally, India faces a considerable trade deficit with China, importing roughly seven times more goods by dollar value than it exports. In 2023, China’s exports to India amounted to $125 billion, mainly comprising machinery and chemical products. Meanwhile, India’s exports to China reached $18.1 billion, with oil and fuel-related products forming the largest share of its outbound trade.

This SCO summit and the evolving trade dynamics within its member states signify a determined push towards a more multipolar global economic landscape. It is a clear message that non-Western nations are increasingly assertive in shaping their economic futures and challenging traditional power structures, advocating for a system rooted in collective prosperity and genuine multilateral cooperation.