External Affairs Minister S Jaishankar on Monday said that globalisation has been weaponised, designating currency, trade, and tourism as “weapons.”

While acknowledging the positive outcomes of globalisation, he highlighted its negative side, emphasizing the concentration of economic power in a few regions, upon which much of the world depends.

Addressing the Nigerian Institute of International Affairs in Lagos, Mr Jaishankar noted that the world order established in 1945 persists, with those in control reluctant to create more opportunities for others.

Mr Jaishankar said, “When I spoke about globalisation and concentration a different challenge emerging out of that is how globalisation itself has been weaponised that today currency is a weapon, trade is a weapon, tourism is a weapon, that dominant players they may be dominant as producers they may be dominant as consumers that they often with very little hesitation leverage their market shares on the global system for their particular national purpose and of course underlying all of this since this is an Institute dealing with International