FTO For Growing Role Of Regionalism In Globalization Transformation

ISLAMABAD, Sep 21 (UrduPoint / Pakistan Point News - 23rd Sep, 2023 ) :Coordinator to Federal Tax Ombudsman Meher Kashif Younis on Thursday said the concept of globalization is undergoing a transformation, with regionalism playing an increasingly prominent role.

Speaking at a seminar on "Globalization shifting to Regionalization" held under the aegis of Gold Ring Economic Forum, a strategic think tank, said a news release issued here.

Meher Kashif said this shift is driven by a combination of economic, political, and technological factors and it will be fascinating to see how these developments continue to shape the world in the coming years.

Globalization, for decades, has been characterized by the interconnectedness of economies across the world, he added.

He said it brought about a remarkable era of international trade, cultural exchange, and technological advancement.

However, as we move further into the 21st century, we are witnessing a noticeable shift in this paradigm.

In his thought-provoking address, he said another aspect of this transition is the changing political landscape.

Nationalism and protectionism have gained traction in some parts of the world, challenging the principles of globalization.

Political leaders and policymakers are increasingly focusing on domestic priorities, which can sometimes conflict with the global interconnectedness that defined previous decades.

Meher Kashif Younis said one of the most significant factors contributing to this shift is the rise of regional trade agreements and blocs. Organizations like the European Union, ASEAN, BRICKS and the African Union are gaining prominence and reshaping global trade dynamics.

These regional agreements often prioritize intra-regional trade and cooperation over global engagement. He said the motivations behind this shift vary, but they often include a desire to protect regional interests, strengthen economic resilience, and address specific regional challenges more effectively.

He said technological advancements, particularly in communication and transportation, have made regional collaboration more accessible and efficient. This has empowered regions to work together closely while maintaining a level of autonomy.

While the shift towards regionalism is notable, it's essential to recognize that globalization is not disappearing forthwith but the dynamics of these connections are changing, he remarked.