‘A New Global Order, Yet Again”: IBA Karachi organises fifth annual international conference

KARACHI: IBA hosted the Fifth Annual International Conference on “A New Global Order, Yet Again”, which was organized in collaboration with IBA’s School of Economics and Social Sciences (SESS) and the IBA’s Centre for Business & Economic Research (CBER).

Dr. S Akbar Zaidi, Executive Director, IBA Karachi, in his opening remarks, expressed gratitude, acknowledged the support of the World Bank Group and Asian Development Bank, and welcomed the participants to the conference. He reflected on the uncertainties of the emerging global order and stressed the importance of strong institutions, climate resilience, and historical perspective in shaping future development pathways.

Hina Rabbani Khar, Chair of the National Assembly’s Foreign Affairs Committee and former Foreign Minister, highlighted the unraveling of the post-1945 global order, noting how unchecked UNSC vetoes continue to block global accountability. She pointed to China’s rise—from under 5 percent of global manufacturing in 1995 to over 33 percent today, and from 8 percent to 22 percent of US imports—as a key shift redefining global power.

She warned that selective sanctions and fractured blocs are pushing the world toward a 2.6–3.6°C climate overshoot. For Pakistan, she stressed acute climate vulnerability, the importance of strategic non-alignment, and emerging technological opportunities. She called for a foreign policy rooted in national interest and a stronger Global South voice.

Prominent attendees included Bolorma Amgaabazar, Country Director for Pakistan, World Bank; Mahir Binici, Resident Representative for Pakistan, International Monetary Fund; Farzana Noshab, Lead Economist, Asian Development Bank, and Professor Adnan Qadir Khan, Professor, School of Public Policy, LSE, and former Chief Economist, UK’s Foreign, Commonwealth & Development Office.

The Conference featured thought-provoking panel discussions, beginning with Pakistan’s Poverty, Equity and Resilience Assessment, followed by New Order, Old Debts—Can Pakistan Trade Its Way to Stability?, which brought together experts from the IMF, ADB, OPM and LUMS. The final session, What is New in the New World Order?, moderated by Dr Zaidi, explored shifting geopolitical dynamics, rising multipolarity and the implications for Pakistan’s future development.

Copyright Business Recorder, 2025