Time to Upgrade International Norms and Institutions among the Like-Minded
by Wonho Yeon [Director and Professor, Korea National Diplomatic Academy]
► The US-China strategic competition has engendered a securitization of economic policy among major powers, leading to a fundamental reorganization of global supply chains with inter-state trust emerging as a critical determinant in economic relationships.
► The proposal to establish 'economic security agreements' with allies represents a timely and potentially constructive approach to creating a new global economic order, providing a framework for like-minded nations to coordinate their economic security policies while minimizing negative impacts on allies and partners.
► As the intensification of industrial and technological competition leads to a more fragmented global economic landscape, it is imperative to accept this reality while working to minimize its costs and collateral damage through feasible incremental solutions.
