ABSTRACT
This chapter discusses the recent trend in global agri-business wherein the dominance of western agri-business corporations in international food trade is being challenged by China and some oil-rich countries of the Middle East. Subsequently, an examination is made to find whether this can be treated as an attempt by the rising southeastern economic powers to establish hegemony over global virtual water trade and whether this has any significance for the global water security. This is done in the light of the received wisdom about the real determinants of what governs global virtual water trade and the emerging scenario with regard to changing global land-use patterns. Particularly, critical examination is made on the claim regarding the growing foreign direct investment on land in Africa by the emerging Asian and Arab economies; and their increased competition over the sources of global food supplies is a strategy to challenge the western hegemony over 'international virtual water flow'.
