In a notable address on Monday, Bharat’s External Affairs Minister, S Jaishankar, touched upon the complex nature of globalization, shedding light on both its advantages and drawbacks. Speaking at the Nigerian Institute of International Affairs in Lagos, he acknowledged the benefits of globalization while emphasizing its negative aspects.
Jaishankar brought attention to the designation of currency, trade, and tourism as “weapons” in the era of globalization. He stressed that those holding the reins of the world order, established in 1945, are hesitant to create more opportunities, thereby concentrating economic power in a few regions and making much of the world dependent on them.
“Today, the currency is a weapon, trade is a weapon, tourism is a weapon. They may be dominant as producers, they may be dominant as consumers and often, with very little hesitation, leverage their market shares on the global system for their particular national purpose,” remarked the Union minister.
Highlighting the historical context, Jaishankar noted that the current world order, established in 1945 when the United Nations had fewer members, continues persistently. He argued that this order was devised at a time when the world was only 25% of its present size and is sustained by those unwilling to share the driving seat of global governance.
The minister observed that the world’s natural diversity was distorted by Western domination over the past few centuries. In the post-Colonial era, he called for efforts to restore that natural diversity, describing it as a collective objective for the international community.
While acknowledging the positive outcomes of globalization, Jaishankar cautioned against its deep economic concentrations, stating, “It has undeniably led to such deep economic concentrations that much of the world today depends on the production of a few geographies.”
Currently in Nigeria, Jaishankar is set to co-chair the 6th Bharat-Nigeria Joint Commission Meeting (JCM) with his counterpart. Additionally, he will inaugurate the 3rd edition of the Nigeria-India Business Council meeting, focusing on strengthening bilateral ties between the two nations.
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