GYEONGJU /Republic of Korea/, November 1. /TASS/. Participants in the Asia-Pacific Economic Cooperation (APEC) summit recognized that the fading globalization will cause changes to the technological order which would require new resources, Russian Deputy Prime Minister Alexey Overchuk told reporters following his participation in the event.

"Of course, everybody acknowledges that the globalization, which has existed until recently and which is essentially ceasing to exist, was built around resources that were necessary for the previous technological order. The new technological order requires new types of resources, or so-called critical materials, rare earths that will underpin the creation of new sustainable value-added supply chains," the senior Russian official said.

Therefore, Overchuk argued, supply chains will be reshaped, and "relations between companies and people will change, with new economic growth centers emerging." "And all these issues certainly were matters of concern to participants in the summit, and they were discussed," he explained.