G7 And SCO: Why The Results Were So Opposite?

Forex News

Last weekend, the markets’ attention was at the G7 meeting in Quebec and the Shanghai Cooperation Organization (SCO). The SCO is a regional security bloc hosted by China, which was launched in 2001 to combat radical Islam and other security concerns in China, Russia and four ex-Soviet Central Asian republics. Last year, it added two new members (India and Pakistan).

The Global Times, a nationalistic tabloid run by the ruling Communist Party's main newspaper, the People's Daily, asked why the G7 had "ended in disarray" while the Shanghai Cooperation Organization (SCO) summit in the port city of Qingdao was "full of enthusiasm and ambition".

At the 10th annual meeting of the largest Western powers G7, President Trump criticized the tariffs imposed on American goods, calling them "ridiculous and unacceptable". According to US President, the United States is at a disadvantage when it comes to global trade and is losing out on tariffs imposed by other countries.

Analysts stated, that the G7 summit has served as another reminder that it is the Trump administration that is challenging the international rules-based order. At the same time, the SCO meeting in China was a good example for multilateral cooperation, offering a "new vision" for a more just and equitable world.