After nearly eight decades of U.S. dollar supremacy, the global financial order is entering a historic transition. As nations seek refuge from debt crises, sanctions, and monetary manipulation, gold is regaining its status as the world’s most trusted store of value. Led by China’s strategic accumulation and supported by a worldwide shift toward de-dollarisation, this transformation signals the birth of a multipolar, asset-backed financial era, one anchored not in promises, but in tangible wealth.
South Asia: Strengthening Regional Connectivity
With an ongoing Afghan Peace Process, South Asia Region’s multifaceted regional connectivity has entered into a new phase. Since the establishment of the international rules-based system in the aftermath of World War II to enhance global cooperation concerning economy, security, and governance through platforms like United Nations; the paradigm of connectivity has undergone a shift in the regional context as well.
Pakistan’s Role in Regional Connectivity
Among the countries in South Asia, Pakistan’s vision for regional connectivity through economic connectivity is not a recent one. To curtail the expansion of the former USSR, the Economic Corporation Organization (ECO) has been conceived for regional economic cooperation as a result of an initiative by Pakistan, Turkey, and Iran. This is indicative of the vision, that peace, stability and prosperity in the region was always Pakistan’s state policy.
This is even evident today. Pakistan’s role to establish a conducive environment in Afghanistan in an effort for overarching regional connectivity is obvious. Afghanistan being a transit route connecting South Asia to Central Asia and the Asia Pacific has always been considered a strategic center of gravity by the global powers. Economic Cooperation Organization (ECO) in the past and becoming of the several recent projects of geoeconomic importance are significant. These projects include Pakistan China Economic Corridor (CPEC), Belt and Road Initiative (BRI), and Turkmenistan–Afghanistan–Pakistan–India Pipeline (TAPI). Therefore, the ultimate partners for regional prosperity are Afghanistan and Pakistan. They are the key to capitalize and accelerate the economic progress of the South Asia.
Also Read: The Geopolitical Chessboard: Pakistan and the Regional Dynamics
Instability in Afghanistan Impacting Regional Connectivity
However, here it is essential to reflect and reconsider the effectiveness of ECO considering the historical perspective. ECO should and could have been a success story in the 90s. There was potential after the USSR’s withdrawal, a new government was established in Afghanistan, but history tells otherwise. The turmoil of Afghanistan turned this once visionary venture into an almost redundant forum. This raises a pertinent and significant question. If the stakeholders have ever explored and identified the causes concerning the underlying factors that made ECO an unsuccessful story?
Non-Regional Powers Creating Hurdles for Pakistan and Afghanistan in Achieving Regional Connectivity
Rudyard Kipling popularized the idea of the Great Game in the twentieth century. This refers to when the Russian and the British empires competed for the hegemonic dominance in the Heart of Asia. While living in the Asian century, the significance of the transit trade routes is evident to the South Asian countries. This awareness has surely introduced a need for regional connectivity. However, it has also produced an environment of competition among the regional powers seeking dominance.
What is more, is the fact that regional power structures are fed by the non-regional global powers. Ultimately it disrupts the regional power equilibrium. Consider this in terms of the convergence of the Indo-US interests over the expansion of the Indo-Pacific Strategic Framework. On the other hand, QUAD is in place to balance out China’s leverage due to (Belt and Road Initiative) BRI. Therefore, knowing the power-driven protean structures, regional connectivity through economic connectivity is interlinked with the geopolitical power dynamics of the South Asian Region. Inevitably, Pakistan and Afghanistan are again standing on the verge of historic turns. Their leadership can play a significant role in stabilizing the region for the sustainable development and prosperity of future generations.
SAT Editorial Desk
SAT Editorial Desk
Your go-to editorial hub for policy perspectives and informed analysis on pressing regional and global issues.
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