EDITORIAL: Deputy Prime Minister Ishaq Dar while addressing the two-day Margalla Dialogue underscored the need for boosting multilateralism, promoting geo-economics in the regional context and strengthening the role of the United Nations to cope with challenges of a world facing an erosion of values and a rise in unilateral bloc politics. There are some innate contradictions in this thesis, which require clarification.
The onset of multi-polarity began in 1991, with the United States steadily losing its sole superpower status, with China emerging as an economic competitor while Russia continues to effectively display its significant military might during its ongoing war with Ukraine.
Multilateralism was synonymous with globalisation that allowed for dollar dominance accompanied by free movement of capital. The natural outcome was the movement of capital to those nations where inputs were cheap — particularly from the US to China — to maximise profits.
The realisation that the US had outsourced the bulk of its manufacturing/output to other countries was a rude awakening for the US as it enabled China to checkmate the Trump administration’s sanctions and tariff threats. It also enabled China to impose semi-conductor export controls on Europe when the Dutch seized control of Nexperia, a Chinese company, as all manufacturing was in China.
Russia after struggling with sanctions post-February 2022 when it invaded Ukraine diverted its manufacturing to military hardware and, thereby, registered growth much higher than that of Western countries. In addition, sanctions on the purchase of Russian cheap energy by Europe have fuelled Germany’s de-industrialisation — Europe’s largest economy — as well as other European nations.
Be that as it may, the US continues to weaponise sanctions and tariffs; however, apart from Europe that has capitulated to US threats, purportedly for security reasons, the rest of the world is in the process of adjusting to the multipolar realities.
Geo-economics in a regional context too is not in play today for the simple reason that the world is increasingly polarised between the West and the South though at present there are many countries adjusting to the changing world order — from uni-polarity to multi-polarity — while trying to maximise the benefits that would accrue to their economies while ensuring their security interests.
The United Nations as an organisation can play a pivotal role; however, with the Security Council permanent members refusing to abide by the will of the majority of nations, particularly in the ongoing genocide in Palestine, its effectivity is in serious question.
One cannot but agree with Deputy Prime Minister and Foreign Minister Ishaq Dar that the world is facing an erosion of values particularly with respect to Israeli actions; however, the change is entirely due to the prevalence of social media as the populations of Western nations have access to the true picture and therefore no longer support Israeli actions even though their governments have yet to alter policy.
Reference to the unilateral bloc politics is probably Europe specific, which has taken decisions that are not only not in their economic interest but are also not representative of their own public opinion. Pakistan at present is wisely engaged with all the three superpowers, which must be fully supported. It is critical that this engagement continues in the best interests of the country.
Copyright Business Recorder, 2025
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