External Affairs Minister S Jaishankar made a forceful case for a more diverse and democratic re-globalisation on Sunday, saying the Global South cannot be at the mercy of a few providers. In his speech to the CII-organized B20 Summit in New Delhi, he stated that the Global South was primarily reduced to being a consumer rather than a producer and hence could not reap the full advantages of economic progress.
They (the Global South) did not reap the full benefits of economic change, but were frequently saddled with unsustainable debts resulting from shady initiatives. This was a slowly unfolding crisis, but it was accelerated by the multiple shocks of debt, Covid, and conflict, Jaishankar added.
As a result, the effort now is to seek re-globalisation that is more diverse and democratic, with multiple centers of production rather than just consumption. This is where business can make a significant difference, he remarked during a discussion on the Role of the Global South in the Emerging World 2.0.
Jaishankar stated that the G20’s main duty is to promote economic growth and development, and that the G20 cannot move until critical problems of the Global South such as debt and finance, sustainable development, climate change, food security, and women-led development are addressed. We can no longer rely on a few suppliers whose viability may be jeopardized by unexpected shocks. This was especially evident during the Covid pandemic, but it pretty much applies to everything else as well, he noted.
According to Jaishankar, the need to build more robust and trustworthy supply networks is urgent. Its digital counterpart is driven more by concerns about trust and transparency. The volatility of the last few years has driven home the importance of strategic autonomy for us, he added. According to the minister, a more just, equitable, and participatory global order can only be achieved by proportional investment, trade, and technology decisions aimed at the Global South.
