Talk of globalization’s end, spurred by trade friction, misses the mark. The West’s long-held dominance is indeed receding, but this isn’t the twilight of global interconnectedness. Instead, a multipolar globalization is emerging. Trade continues, capital flows diversify, and regional institutions gain prominence. The tariff wars, ironically, accelerate this shift. Cooperation, not unilateralism, is the new imperative.
China’s economic might and vast trade network provide crucial stability. Its open market is a vital alternative. For this multipolar globalization to flourish, a reformed WTO is key, with regional deals secondary. Trade cooperation, optimized supply chains, and mutual benefits are essential. Transnational digital trade standards will streamline processes. Development financing needs reform, empowering the Global South.New institutions, like the BRICS bank, can play a larger role.
Finally, security must be collective, not a zero-sum game. A strong UN, guided by principles of coexistence and non-alignment, is crucial. Western-led globalization may be ending, but a collaborative, multipolar world offers broader benefits.