Technological leadership has long underpinned the economic prosperity and security of OECD countries and has typically involved some measure of protection of technologies from strategic competitors. The growing ascendancy of China in frontier technologies has ushered in a new era of intensified strategic competition, particular in critical technologies that will underpin future economic competitiveness and national security. Governments are putting in place measures to (i) reduce STI interdependency risks and restrict international technology flows; (ii) enhance industrial performance through STI investments; and (iii) strengthen international STI alliances among like-minded economies. These measures could disrupt integrated global value chains and the deep and extensive international science linkages that have built up over the last 30 years. Coupled with a growing emphasis on “shared values” in technology development and research, they could lead to a “decoupling” of STI activities at a time when global challenges require global solutions underpinned by international STI co-operation. A major test for multilateralism will be to reconcile growing strategic competition with the need to address global challenges like climate change.