Sydney: Highlighting the changes in the world order from uni-polar to multi-polarity, External Affairs Minister S Jaishankar said that the US is aware of its limitations and has changed its mindset as it is now ready to work with like-minded allies.

"The US is actually getting into a mindset where it is aware of that limitation and is open to working with like-minded partners and addressing it," Jaishankar said while addressing the Raisina@Sydney event.

The External Affairs Minister was referring to the changing geopolitical equations across the world.

Owing to the emergence of a multipolar world, the economic cycles and financial market trends are becoming less US-centric and more multipolar in nature.

"The capacities of some countries are not what they used to be. I particularly refer here to the United States," he said.

With new challenges, foreign policies are also being devised to respond to the changing-geopolitical situations, he said, "I will equally stress that there has been a big change in American thinking and is not the same United States which we dealt with in the 60s or even frankly in 2005," he added.

"A big change in the last decade is that the United States' capacities have relatively lessened from what they used to be," he added.

He also said that the United States is aware of this and is ready to work with "like-minded" allies.

"Like-minded countries include countries who are not treaty allies," he mentioned.

Groups like BRICS, Quadrilateral Security Dialogue (Quad), and SCO grouping are formed of "like-minded" allies.

Quadrilateral Security Dialogue (Quad) is a strategic security dialogue between Australia, India, Japan and the United States. The Shanghai Cooperation Organisation (SCO) is a Eurasian political, economic, International security and defence organization. BRICS consists of leading emerging economies Brazil, Russia, India, China, and South Africa that would collectively dominate the global economy by 2050.

Jaishankar said while addressing the event that "Australia will not realise this change" because it is a treaty ally (to America). For Australia, working with the United States is not new, it has been part of their culture for the past 70 to 80 years history, but not for India.

The External Affairs Minister also said that since Brexit, there has been a very intense global debate about globalization which was further intensified after President Trump's election.

Raisina@Sydney Conference, which began today with 'Business Breakfast', will involve ministerial and high-level government representations as well as participation from industry and civil society.

The event will bring together, and build momentum for, two of the Indo-Pacific's influential foreign policy, security and technology dialogues--the Raisina Dialogue in New Delhi from March 2-4 and The Sydney Dialogue on April 4-5.

Jaishankar will also converse with Chris Bowen MP, Minister for Climate Change and Energy.

The Australian Strategic Policy Institute's Sydney Dialogue is the premier policy summit for critical, emerging, cyber and space technologies.

Technology's advance has outpaced regulatory and policy responses. State and non-state actors alike understand that information is power. This can yield extraordinary outcomes for humanity and for the earth, but it can also produce great harm.

This mega event will also include panel and keynote addresses by leading regional think tanks on issues ranging from geopolitics to technology and economics.

After the keynote address of Jaishankar, a panel session will be held that will cover topics like "Next steps in the Australia-India economic partnership: stability, security and sovereignty," and it will be addressed by keynote speakers: Vivek Lall, Chief Executive, General Atomics Global Corporation; Jodi McKay, National Chair, Australia-India Business Council; Vikram Singh, Vice President, and Country Head - ANZ, Tata Consultancy Services and facilitated by Bec Shrimpton, Director, The Sydney Dialogue, Australian Strategic Policy Institute.