Global trade is experiencing a seismic shift, with South-South trade now rapidly growing and transforming traditional patterns, says Joseph Ngai, chairman of McKinsey China.
In a recent interview with CGTN, Ngai highlighted that trade dynamics have significantly changed over the past few years. “We’ve witnessed a remarkable rise in trade between developing countries, reshaping the global economic landscape,” he said.
The traditional East-West trade routes are being supplemented—and in some cases overtaken—by increasing economic exchanges between countries in the Global South. This shift is not only fostering new partnerships but also promoting economic growth and development within these regions.
“The growth in South-South trade signifies a more interconnected and multipolar world,” Ngai noted. “It’s encouraging to see countries collaborating more closely, sharing resources, technology, and innovation.”
Experts believe this trend could lead to more balanced global economic growth and provide new opportunities for young entrepreneurs and businesses in developing nations.
As the world adapts to these changes, the focus on fostering strong trade relationships within the Global South could be pivotal in driving sustainable development and prosperity.
