On Sunday, S Jaishankar, the minister of external affairs, presented a compelling case for a “more diversified and more democratic” re-globalization, arguing that the Global South cannot continue to be dependent on a small number of suppliers.
He said that the Global South was mostly limited to being a consumer rather than a producer and could not fully benefit from economic transformation while speaking at the B20 Summit hosted by the CII here.
“They (the Global South) not only did not profit fully from economic transformation, but also found themselves burdened with unsustainable debts resulting from murky projects. The combined shocks of debt, COVID, and violence hastened the crisis that had been progressively developing, according to Jaishankar.
“As a consequence, efforts are currently being made to create a more diverse, democratic form of re-globalization, one in which there would be several centers of production as well as consumption. Speaking at a panel discussion on the “Role of the Global South in Emerging World 2.0,” he emphasized that business can make a significant impact in this situation.
According to Jaishankar, the G20’s primary goal is to foster economic growth and development, and this goal cannot be achieved if the pressing issues facing the Global South—including debt and finance, sustainable development, combating climate change, food security, and women-led development—are not addressed.
“We can no longer rely only on a small number of suppliers, whose existence may be threatened by unforeseen events. This very much applies to everything else as well, but it was particularly obvious when it comes to health during the Covid epidemic,” he remarked. According to Jaishankar, there is an urgent need to build supply networks that are more trustworthy and robust.
“Its digital equivalent is more motivated by concerns about openness and trust. The recent volatility has made us more aware of the value of strategic autonomy, he remarked. According to the minister, choices on trade, investment, and technology that are proportionately targeted toward the Global South would result in a more fair, equitable, and participatory global order.
