World is again going through transformation. The diplomatic, security and economic landscape is in a race to adjust to the process of transformation. It is happening at a time when world is celebrating 75 years of United Nations and victory in World War-II. The victory and establishment of UN completed the phenomenon of shift of power to North America from Europe and Asia. It led to creation of new global order which was built after the World War-II and was based on the principles of respect for diversity, equality, human rights and human dignity. The contemporary transformation is again highlighting the need of believe in diversity, equality, better livelihoods, multipolarity and most importantly the human dignity. The process of transformation was going with a certain and set pace but the pandemic, COVID-19 has accelerated the pace. The pandemic has exposed deep layered vulnerabilities and risks in existing global order. The worst hit area was global leadership, as countries started to stick to slogan of country first. Protectionism and unilateralism trends are in on rise. Majority of major powers are rolling back the openness and sharing programs. In this backdrop, new players and power houses are emerging at global landscape. However, Asia emerged as major and strongest contender. Global power has started to tilt towards Asia and 21 st century is being dubbed as century of Asia. The tilt has many merits like population, geography, diversity and sheer economic size. Asia is cognizant of the strengths and many countries and forums are placing themselves to claim the crown. But, by analyzing the key factors of power structure (economy, security and diplomacy) Shanghai Cooperation Organization (SCO) emerge the strongest player among all. It is home to four nuclear powers, 45 percent population and 21 percent of world GDP with a rising trend. In 2018 the total volume of trade among members states was US$ 305 billion and China was major trading partner. The partnership approach is unique, which give equal weight to all members irrespective of their economic or military stature. The ability to bring archrivals at one table and getting their consensus to work together is another feather in the cap SCO is conscious of the fact and trying to place itself as a global player. It has taken many steps which qualify the statement. First, way back in 2003 it has adopted program for Multilateral Trade and Economic Cooperation. It was followed by proposal to negotiate a free trade agreement. Unfortunately, both initiatives could not deliver the desired results but still these are important initiatives to promote cooperation in the fields of economy and trade. In 2012, SCO approved Development Strategy Until 2025 for SCO members. It is more comprehensive document and touched a number of areas including trade, investment, joint ventures, sustainable development, peace and security. Russia also launched initiatives for energy and economic cooperation to facilitate the members. China launched a comprehensive initiative with the name of “China-SCO Local Economic and Trade Cooperation Demonstration Zone”. It is solely concentrated on the SCO members, but it also has the scope to expand the work. The most recent communique of Head of States meeting 2020, clearly spells out its desire to be an influential global player. It is first time that SCO is willing to take more prominent role at global. The communique says, “The member states are in favor of shaping a multipolar world order based on generally recognised principles of international law, multilaterality, equal and indivisible security, renunciation of confrontation and conflicts, and the strengthening of global and regional security and stability”. It is also reiterated in communique that SCO will try to play it’s role on the basis of the principles of respect and equality. It is not in favor of hegemonic behavior. Further, it will preferer to use the instrument of politics and diplomacy to solve global and regional issues and conflicts. Head of States also reiterate that members state will continue to cooperate in the fields of economic and trade cooperation and work achieve the goal of free movement of goods, capital, human and investment. Security cooperation will also be enhanced. These are all clear signs of changing mood of SCO. SCO is unique organization with three specific characteristics, 1) it is steered by two global players China and Russia, 2) it is partnership-based organization and 3) it also accommodates rival states Pakistan and India. It is perfect example of charter of SCO and recent developments at the forum. China and Russia are steering organization on the basis of consensus and close consultation with member states. From the beginning to till today China and Russia are working hand in hand and there is no conflict between them. The progress of the organization has proved that organization can be run by multiple players with equal stature. The partnership approach is unique, which give equal weight to all members irrespective of their economic or military stature. The ability to bring archrivals at one table and getting their consensus to work together is another feather in the cap. The last communique again proved these facts. Despite the recent surge in conflicts between Pakistan and India, SCO was able to issue a joint communique. It was great success to get the consensus on the terrorism and cooperation in the security fields. The strengths of SCO make it most suitable player to lead the Asia. However, to consolidate its position SCO will have to reform in certain areas. First, it needs to improve its efficiency to implement the decisions, especially in the field of economy and trade. It should immediately introduce mechanisms to finalize the Free Trade Agreement like Regional Comprehensive Economic Partnership (RCEP) and strategy to develop work plan for sustainable development program. Besides, SCO Development Fund and SCO Development should be activated and given a leading role for the sustainable development. China’s offered to hold a special forum on the digital economy in next year is good beginning. But, there is need of more such actions from the SCO platform. Second, it should move from non-interreference to constructive engagement. It is most desired reform, as world and especially region is facing multiple crises and conflicts. SCO needs to be pro-active and play a role to solve issues by applying tools of politics and diplomacy. Third, there is need to expand the organization. Expansion will help Asian countries to consolidate their energies at one platform. The consolidation of energies at one platform will ensure the smooth transformation. Otherwise, the countries within the region will be fighting with each other and opportunity will be missed. Fourth, the partnership approach needs a little tweak. As we know world is quite fragmented and some big powers are bullying others. In this context some countries would be in need of some sort of protection from the bullying countries. Lastly, SCO should develop and launch a comprehensive “Openness and Sharing” program. It is need of time and will help to create buy in among non-member countries.