New Delhi: In a strong appeal, India's External Affairs Minister, S. Jaishankar, emphasized the need for a re-globalisation that is both diverse and democratic. He expressed that the Global South must no longer rely solely on a few suppliers for its needs. Jaishankar made these remarks during his address at the B20 Summit, organized by the Confederation of Indian Industry (CII).
Highlighting the challenges faced by the Global South, Jaishankar noted that these regions were often relegated to being consumers rather than producers in the global economy. He underscored the importance of shifting towards a re-globalisation strategy that promotes multiple centers of production, not just consumption. He stressed the significant role that businesses can play in this transformation. Addressing a session on the 'Role of Global South in Emerging World 2.0', Jaishankar pointed out the urgency of addressing the concerns of the Global South, including issues related to debt, finance, sustainable development, climate action, food security, and women-led development. He noted that the G20's primary purpose is to foster economic growth and development, which requires addressing these critical concerns.
Jaishankar emphasized that the Covid-19 pandemic exposed vulnerabilities in global supply chains, especially in the health sector, demonstrating the need for a more resilient approach. He highlighted the parallel necessity for increased trust and transparency in the digital domain. The minister emphasized that achieving a fair, equitable, and participative global order necessitates significant investments, trade, and technology decisions that are directed towards the Global South. He concluded by asserting that a diversified and democratic re-globalisation would lead to a more stable and empowered global economy.
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