Asia is at the cusp of becoming a dominant trading powerhouse, can re-design the global economic order. Comment (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· A clear understanding of these four tenets must underline the thought process of building new global institutional architecture, which does not depend upon the legitimacy drawn from any one hegemonic power, but from a set of rules that are backed by a coalition of global players.
· The carbon constraint. Emerging economies, making their transition from low- or middle-income status to higher levels, cannot possibly follow the path traversed by the present group of OECD economies.
· This carbon constraint is real. It has to be taken fully on board in the development blueprint. For example, in India, there simple cannot be a shift from 20 cars per 1,000 people to the American average of 838 cars per 1,000 people. There will be no planet left to live on.
· Therefore, the NITI Aayog has been pushing for electric, shared and connected mobility. The binding carbon constraint has to be integrated and focused upon in any global trade and commerce discussion.
· The complete unambiguous unacceptability and unequivocal rejection of of rising inequalities, both between nations and within them. Society, armed with the powerful and all-pervading media, will simply not permit this in years to come. ‘Antyodaya’, which is the cornerstone of the Indian government’s policy, has to be ensured. It is not a choice any longer.
· Emerging exponentially-transformative technologies, including AI/ML, robotics, optical sensing, satellite imaging, quantum computing, threaten to make humans virtually redundant.
Asia’s new global architecture
· These four fundamental tenets now require us to rethink what the global open multilateral trading order will be, what its rules will be and how Asia will engage in these forums.
· The Trans-Atlantic powers, whose share and influence in the global system is surely declining because of demographic and other reasons, cannot be the leaders in designing the new architecture.
· Asia, with its demographic advantage, dynamic institutions, razor-sharp intellect and, above all, a tradition of non-violence, has to take the leadership.
· Given the Asian genius in creating inclusive coalitions, this leadership will also be exercised in an open-source design with flexible roles which suit the talents of the coalition members. Hierarchies, that stifle creative thinking, will be jettisoned in favour of collective pursuit of a common cause.
Shivangi 5 years
Please review.
IAS Parliament 5 years
Good attempt. Keep Writing.
