How Europe can maintain its place in the new world order
The world order is undergoing significant changes. The growing role of China, unprecedented flows of oil and gas, the de-dollarization of the global economy and the emergence of new markets as a result of geopolitical flare-ups all of this creates both challenges and opportunities. Europe must adapt to these changes to maintain its influence in the world.
Economic analyst Osama Rizvi told Euronews about this.
What is world order?
World order is the dynamics of power, rules and norms of relations between states, international institutions and other global players. It has various characteristics such as economic systems and rules, security measures, diplomacy, cultural and ideological attitudes, distribution of power and international institutions.
A changing world order is a change in the world order that manifests itself in various forms, for example, a change in power. Other indicators may include global crises (COVID-19), technological advances (improvement of artificial intelligence), changes in trading models (trading in non-dollar currencies), etc.
In such circumstances, it is very important that Europe pays attention to reconfiguring its relations with certain regions and is able to maintain its place in the global community.
Europe and Asia
The Asian region has experienced rapid growth in recent decades, making it an increasingly important player on the world stage. Asia holds most of the world's trade reserves and is a safe haven for several of the world's largest economies. It accounts for 60% of the world's population, which is 10 times more than in Europe. Trade and investment cooperation between the two regions is a key driver of economic growth and prosperity.
Europe and BRICS
Given the rise of the BRICS countries, it is vital for Europe to strengthen relations with these partners. Cooperation with Gulf partners could strengthen its energy market, cooperation with southern African states could open the door to rich mineral resources, and cooperation with India could help balance China's influence in the region.
Europe and China
Relations between Europe and China are complex and contradictory. On the one hand, both regions are interested in cooperation in areas such as trade, investment and innovation. On the other hand, there are a number of disagreements, including on security and trade issues.
China hopes Europe will take a “more pragmatic and rational position” in relations with them. If this succeeds, Europe will be able to balance China's influence in geopolitics, technology and economics, even despite differing views on international and regional issues.
Europe and Middle East
Changing trends in the Middle East region and the growing influence of China pose challenges for Europe to penetrate GCC markets. Europe must work harder to strengthen its ties with trading partners such as Egypt, Turkey and Jordan to meet its energy needs. Including the production of clean energy. In this case, Europe will be able to withstand the blow of a changing world order.
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