India, Feb. 18 -- External affairs minister S Jaishankar expressed concern that the global order appears to be headed into a "prolonged twilight zone", where elements of the old economic order will coexist uneasily with an emerging, more fragmented one. The transition, he said, is likely to be "messy, risky, unpredictable and even dangerous", with economics increasingly subordinated to political and security considerations.

The minister said this shift is already visible in the growing use of bilateral tariffs, export controls and financial restrictions, which are creating fresh uncertainties on the demand side of global trade. Businesses are now facing not only supply chain vulnerabilities but also unstable market access and fluctuating...