Bangladesh, Dec. 31 -- As the world approaches 2026, optimism is in short supply. Armed conflicts are raging across roughly 50 countries. Trade wars and tariff barriers, once viewed as policy aberrations, have become normalized tools of statecraft. Global economic growth has slowed to its weakest pace in generations, while climate shocks, pandemics, and supply-chain disruptions have become recurring features of everyday life. If there is one defining characteristic of the current moment, it is uncertainty-layered, persistent, and global.

Yet amid this turbulence, it would be a mistake to conclude that multilateralism is finished. While the institutions and norms that once defined the post–Second World War order are undeniably erodi...