Title: External Affairs Minister Emphasizes the Demise of Unipolar World and Challenges Faced by International Financial Institutions
New Delhi [India], October 22 – In a thought-provoking address, External Affairs Minister S Jaishankar highlighted that the concept of a unipolar world is now a thing of the past, and outdated viewpoints need to be reconsidered. Speaking at the closing plenary session of the Kautilya Economic Conclave, Jaishankar also discussed the inadequate response of international financial institutions to rising debt and market volatility.
Jaishankar expressed, “The unipolar world is distant history. The bipolar world was even more distant in the bipolarity of the US-Soviet Union. And I don’t think US, China will really end up bipolar. I think there are too many next-run powers with sufficient clout and autonomous activity and regions of their own dominance and privacy for that to happen.” He emphasized the need to overcome the burden of past constructs in our analysis and acknowledged that globalization has significantly changed the dynamics of global relations.
Moreover, the esteemed Minister noted that the dominance of regional players in various geographical regions is now more decisive, leaving limited room for external or global players to intervene. He cited the Middle East as an example, stating that the activities in the region are predominantly intrinsic to the Middle East itself, making it less susceptible to external influence. Jaishankar drew parallels to Africa, emphasizing that this trend is observable on the continent as well.
Addressing the global concerns, Jaishankar also underlined the direct disruptive impact of climate change on the international economy. He emphasized the need to factor in climate challenges, as they can affect production loads and supply chains due to shifting weather patterns. Additionally, the Minister raised concerns about rising debt and market volatility, particularly affecting smaller economies with limited trade options. He highlighted the inadequate response of international financial institutions, attributing it to resource scarcity or a lack of prioritization.
In conclusion, Jaishankar’s insightful remarks shed light on the evolving dynamics of global power structures and the urgent need for international financial institutions to adapt to the changing landscape. The world, he implied, has moved away from a unipolar framework, and regional players are gaining prominence, thereby redefining the dynamics of global affairs.
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