Developments in China and India are reshaping the economic and geopolitical landscapes in Asia and the world, Singapore Defense Minister Teo Chee Hean said Tuesday in Singapore.

Speaking at the inaugural conference of the Lee Kuan Yew School of Public Policy on China and India, Teo called the two nations major engines of global economic growth.

"Over the last 20 years, economic reforms in these two countries have unleashed powerful energies which now bind the well- being of a good two-fifths of the world's population to the international economy," Teo noted.

Regarding the progress China and India have made as the positive results of being part of the international economic system, Teo said that globalization brings about both opportunities and challenges.

One of such challenges concerns transnational security, to which countries worldwide have to develop shared responses by building up effective frameworks of cooperation at international and regional levels, according to Teo.