New World Order: Changing global trade patterns

  World trade is increasingly relying on new technologies to meet demand and Asia is likely to take centre stage in the future of global trade. Analysts predict Southeast Asia will be the world’s busiest trade area by trade volume. The International Monetary Fund (IMF) reports that billions of dollars are already been invested in warehouses and distribution centers across with ports investing in automated vehicles and cranes to increase efficiency and cut costs in the long term. Trade in the modern world is global. Flow of goods, services, capital, people and data connects us all. Value chains of even the smallest of daily consumer products are global. Raw, a raw material from Africa is developed in Asia and consumed in the Americas -, that is the modern world and countries that wish to be competitive must adopt. However, this view of a ‘world village’ is changing, in the wake of the pandemic, war between global suppliers like Russia and Ukraine, tension between the United States and China and the unfolding friend-shoring reality, all point to a deglobalizing world. Also Read: Kenya's business conditions deteriorate for first time since 2017 While this subtle reality unfolds, the overarching long term standing