He emphasized that a collective desire is to see a fair and representative global order, not one dominated by a few.
- The statement comes in the backdrop of the US announcement of 25% of reciprocal tariff on India.
Non-Representative Global Order
- U.S. Hegemony: Concept of U.S. hegemony has been central to shaping the global liberal order post World War II.
- However, in recent decades, there is relative decline in US dominance due to economic competition from rising powers like China, strategic overreach, withdrawal from multilateral institutions etc.
- Trade as Instrument of Geopolitical Power: Such instruments include tariff policies of developed countries such as EU’s carbon tax and economic sanctions as part of trade policy.
- Unequal Representation in Global Institutions: Global South has unequal representation in institutions such as UN Security Council, World Bank, etc.
- Ineffective Multilateralism: Powerful nations bypass multilateral forums undermining truly global cooperation leading to fragmented and interest-driven global responses.
- Deglobalization and Regional Integration: Power is becoming more diffused and concentrated across regional blocs like ASEAN, QUAD, BRICS etc.
Way Forward
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