Rebalancing of global economy in last few decades: External Affairs Minister S Jaishankar

 External Affairs Minister S Jaishankar on Friday said there has been a rebalancing of the global economy in the last few decades. This has also led to growth of new centers of consumption, he said in a video address on 'Asia and the Emerging International Trading System' at the Asia Economic Dialogue of the Pune International Centre here.

"The pulls and pressures of the international system are today most evident in the trade domain," he said. This very centrality underlines the extent of polarization in what was largely perceived as a more interdependent existence till recently, he said, adding linkages to non-trade issues have complicated matters even more.

"In the last few decades, there has been a rebalancing of the global economy. A primary characteristic of that has been the emergence of more diverse production centers and consecutively, of different patterns of trade," Jaishankar said.

"In due course, this has also led to the growth of new centers of consumption. The changing trade scenario is expressed today in the forging of new partnerships, dependence on sourcing and mapping of supply chains," the minister said.