In today's rapidly evolving global landscape, traditional tools of influence like threats, sanctions, and reliance on a single dominant currency are becoming less effective. Nations around the world are seeking new pathways to assert their economic sovereignty and foster mutual cooperation.
Recent years have witnessed a shift toward multipolarity in international relations. Countries are increasingly collaborating through regional alliances and economic partnerships that promote shared prosperity. This move diminishes the leverage of unilateral sanctions and economic pressures that were once considered decisive.
One significant development is the growing trend of de-dollarization. Nations are exploring alternatives to reduce their dependence on a single currency for international trade. By utilizing local currencies in bilateral trade agreements, countries like Brazil, China, and India are enhancing financial stability and insulating their economies from external shocks.
For example, the New Development Bank established by BRICS nations has been instrumental in financing projects using local currencies. This approach not only mitigates currency risk but also fosters economic independence from traditional financial systems dominated by the West.
The limitations of sanctions have also become apparent. When countries like Russia faced economic restrictions, they adapted by developing indigenous financial systems and strengthening ties with non-Western allies. This resilience has encouraged other nations to seek self-reliance and diversify their international relationships.
The inclusion of the African Union as a full member of the G20 highlights a desire for a more inclusive and representative global order. Such developments signal a move away from dominance by a few powerful nations toward a collaborative approach that values the voices of emerging economies.
In an interconnected world facing common challenges, reliance on coercive measures is giving way to diplomacy and cooperation. As nations continue to embrace economic diversification and equitable partnerships, threats and sanctions are becoming tools of the past.
Reference(s):
Why threats, sanctions and one-currency dominance are past their prime
cgtn.com
