External Affairs Minister S Jaishankar on Saturday brought the spotlight to the shifting dynamics of global politics, noting how countries are increasingly balancing between the US and China, while India is building new trade partnerships and connectivity initiatives to address these challenges and expand its own influence.

In his acceptance remarks upon receiving an Honorary Doctorate at IIM Calcutta, Jaishankar said that the world has entered an era where politics increasingly trumps economics, and decisions take into account ownership and security. While globalisation still exists, he underscored that powerful counterforces have been brought into play.

“The United States, long the underwriter of the contemporary system, has set radically new terms of engagement. Not just that, it is doing so by dealing with countries on a one-on-one basis rather than through regimes. China has long played by its own rules and is now doing so even more. In the ensuing scenario, other nations are unclear on whether their attention should be on the visible competition or the trade-offs and understandings that punctuate it," he said.

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