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Asia is at the tip of becoming a dominant trading powerhouse, can it restructure the global economic order? Analyse.

Topic:  India and its neighborhood- relations. Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests. Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora.

4. Asia is at the tip of becoming a dominant trading powerhouse, can it restructure the global economic order? Analyse.(250 words)

Reference: The Hindu

Why this question:

The article presents the argument as to how Asia now is at the cusp of becoming a dominant trading powerhouse and in what way it will have key role in restructuring the global order.

Key demand of the question:

Explain the role of Asia as a dominant trading powerhouse in the current times.

Directive:

Analyze – When asked to analyse, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary.

Structure of the answer:

Introduction:

Briefly state some key facts such as – Asia contributed more than 60 per cent to the global output and commerce prior to 1857. India’s own contribution was a hefty 17 per cent; it has now come down to 5 per cent in global output and less than 3 per cent in international trade flows.

Body:

Present the historical background of trade in Asia in the past.

Discuss the dominance of European countries in terms of trade.

Then explain the Asia of 19th century, global economic transition, discuss factors responsible for such a transition.

Explain what role Asia should play in restructuring the global order.

Conclusion:

Conclude with way forward.