BRICS and SCO are becoming the key alternative institutions for the restructuring of the regional economy

With Kuwait joining the Shanghai Cooperation Organization (SCO), all gulf countries are now dialogue partners in the organisation. In July, Iran will become the only regional power with full membership status. In the past 12 months, Iran trade with SCO members reached 40 billion dollar signifying the importance of the bloc for it.

In a recent visit to Syria, the Iranian president confirmed the country is actively seeking BRICS membership as next step to take part in the building of a multipolar world order. Other regional powers have also expressed similar desire.

BRICS and SCO are becoming the key alternative institutions for the restructuring of the regional economy and its ties to the global economy. Russia is using BRICS to lure MENA countries to its orbit while China is using SCO to create Pax Sinica by mixing security with economic development.

Notably, the Saudi Iranian recent rapprochement makes it easier for Saudi and Iran to join BRICS and SCO which operate on the basis of cooperation.