The future of globalisation, multilateralism, and geoeconomics will be influenced by policy, institutional, and leadership decisions, as per a recent report. Nirupama Rao, a former Indian Foreign Secretary, emphasizes that India has the capacity to impact these outcomes significantly. She highlights the shifting dynamics in global politics and economics post-Cold War and stresses the importance of India’s active role in shaping the emerging global order.
Conversations like the Asia Economic Dialogue are crucial in the current scenario where geopolitics intertwines with economics, trade is a strategic tool, and technology, finance, and supply chains play critical roles. The report underscores the evolving nature of multilateralism and globalisation and the need for India to actively participate in shaping the global narrative.
The report points out the dominant positions of the United States and China in military, economic, and manufacturing domains, respectively. It also notes the disruptive nature of Russia, the increasing ambition of middle powers, and the vocal stance of the Global South, leading to an inherently unstable global transition. Economic policies are now closely linked to strategic competition, with major powers vying for technological supremacy and normative influence.
India’s historical commitment to multilateralism is highlighted as a practical necessity rather than an abstract concept. The report advocates for India to focus on reforming existing frameworks rather than abandoning them, emphasizing the importance of rules-based cooperation for developing countries. India’s unique position as a major emerging economy with global aspirations and demographic vitality presents both opportunities and responsibilities in shaping the global trajectory.
