Obambam
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I think economic corporation beat defence deals hands down! If Pakistan manages to sustain a steady economic growth with SCO; that would be far better than any Migs or s300's. Defence deals won't provide jobs to the ordinary or much needed foreign investment in Pakistan; so even if Russia offered, which it wont, we should focus on economic corporation and make best use of current propositions by Russia.
Economic cooperation is consistent and it will work out better without a shadow of doubt in my mind. It's like comparing the need for daily consumption of food to daily need to buy expensive designer clothing. Needless to say, you can survive without splashing on the expensive clothing, but you cannot survive without food. There are reasons why India doesn't want to join the SCO; one they get to benefit from both sides and two if they joined, they will have to accept the fact that they are now allied, therefore will weaken its excuse for Russians not to sell arms to Pakistan. I think it's more of an ego thing.