Narratives are essential for organizations and states to provide a framework for their decision-making processes and organizational structure and bolster their legitimacy by appealing to shared values and worldviews. These narratives will play a greater role in a multipolar world characterized by a diversity of worldviews and values that shape the internal and external perceptions of international actors. The authors compare the critical narratives forwarded by the Shanghai Cooperation Organization (SCO) and the Association of Southeast Asian Nations (ASEAN), namely the Shanghai Spirit and the ASEAN Way. Drawing on scientific works dedicated to explicating the worldview, values, and norms espoused by the Shanghai Spirit and the ASEAN Way, the authors use syncretic approaches to show how these concepts are applied in these narratives. The Shanghai Spirit is based on mutual trust, mutual benefit, quality, respect for the diversity of civilizations, and the pursuit of common development. Similarly, the ASEAN Way is based on non-interference, non-confrontation, non-use of force, and consensus-based decision-making. The Shanghai Spirit and the ASEAN Way have notable similarities, such as an emphasis on preserving sovereignty, a pragmatic approach to regionalism, and a flexible, non-binding application. Although they also have significant differences, such as the rationale behind them, different preferred means of cooperation, and an emphasis on state security versus human security. The article argues that the unique features of the Shanghai Spirit and the ASEAN Way, which promote loose regionalism, combined with the state-centric Westphalian features of the contemporary international system, result in a new form of regionalism that is open yet preserves and reinforces the individual sovereignty of states. In this sense, the Shanghai Spirit and the ASEAN Way may provide the intellectual basis for a new form of regionalism and international relations that can better respond to the emerging challenges of a multipolar world.