Global supply chain is evolving, says Malta’s ex-PM

Currently, small countries are driving global trade, Joseph Muscat, Former Prime Minister of Malta, stated at the 12th Global Baku Forum, Report informs.

Muscat noted that while global trade was once mainly driven by large states, small countries now play a crucial role: "This is one of the innovations brought by globalization and it creates numerous new opportunities."

The official explained that the economy is based on dependency theory and that the global supply chain is changing and taking a new form.

He also mentioned that some small states, including Malta, are unsure how to protect themselves against major powers: "Although Russia is considered a great power globally, its economy is only as large as California's. So why is Russia perceived as a great power?"