Global Trade Enters Era of “Re-globalisation,” Says BSEC Chief
The global economy is not pulling apart. Instead, it is reorganizing around new priorities of security and resilience. This is the view of Lazar Comanescu, Secretary General of the Organization of the Black Sea Economic Cooperation (BSEC). Speaking at the ET Now Global Business Summit, Comanescu argued we are witnessing a shift to “re-globalisation,” not a retreat into deglobalisation.
From Efficiency to Security in Supply Chains
For decades, the driving force behind global trade was efficiency. Companies built complex supply chains to source the cheapest parts from anywhere in the world. Recent crises, including the pandemic and geopolitical tensions, have exposed the fragility of this model. Comanescu highlighted that supply chain security and predictability are now vital for nations and businesses.
This does not mean ending global trade. It means reshaping it. Companies are now looking for trusted partners and safer routes. They are building redundancy, which means having multiple suppliers in different regions. This process of building new, more secure networks is the core of re-globalisation.
The Tools for a New Trade Era
Comanescu pointed to two key tools for this transition. The first is the rise of free trade agreements and deeper regional cooperation. Nations are forming stronger economic blocs with allies to ensure smoother and more reliable trade flows. These agreements help create predictable rules for the new era.
The second tool is the revival of the World Trade Organization. The WTO sets the global rulebook for trade. Comanescu stressed that the organization needs renewal to address modern challenges like digital trade and sustainable development. A stronger WTO can provide a stable foundation for re-globalisation.
The Black Sea Region as a Strategic Hub
In this reshaped map of global trade, Comanescu positioned the Black Sea region as a crucial player. He described it as offering secure supply zones and vital connectivity. The region sits at the crossroads of Europe, Asia, and the Middle East. It can serve as a reliable bridge for energy, agriculture, and goods, bypassing more volatile areas.
This makes the region attractive for companies seeking to diversify their supply chains away from over-concentration. Investment in its ports, railways, and digital infrastructure could turn it into a major trade corridor.
The Growing Role of Non-State Actors
An important trend Comanescu noted is the increasing role of non-state actors in trade. This includes large multinational corporations, financial institutions, and logistics giants. These players often move faster than governments in building new trade links and setting standards.
Their influence means the future of global trade will be shaped not just by treaties between countries, but also by the strategic decisions of private companies. This adds another layer of complexity to the re-globalisation process.
In conclusion, the message is clear. Globalisation is not ending. It is evolving into a more complex, regionalized, and security-conscious system. For investors, this means watching for new trade corridors, stronger regional partnerships, and the companies that enable this new connectivity. The era of re-globalisation has begun.
