The Evolving Nature of International Collaboration and Partnership

Abstract

The growth aspirations of developing countries supported by industrial prowess of developed economies, while leading to phases of rapid globalisation across the world, also resulted in skewed power and trade dynamics in favour of developed nations. Later, the world economy got hit hard by deglobalization. Today, nations are realigning their policies and national priorities through engaging in collaborative partnership with other economies to overcome the current phase of deglobalization. This chapter will track the phases of global growth and its reverse internationalization from the lens of various black swan events and will also analyse the changing global economic landscape resulting in the emergence of new pillars of global trade and cooperation in the form of economic trade blocs and regional trade agreements leading to a multipolar world and new reality of global trade. From a business perspective, the chapter will dwell on how corporates are realigning their international business practices, in this era of deglobalisation, to maintain their growth trajectory.