Global South seeks democratic, diversified re-globalisation: Jaishankar




External Affairs Minister S Jaishankar on Sunday made a strong pitch for a “more diversified and more democratic” re-globalisation, saying the Global South can no longer be at the mercy of a few suppliers.

Addressing the B20 Summit organised by the CII here, he said the Global South was largely reduced to being a consumer rather than being a producer and could not reap the full benefits of economic change.

“They (Global South) not only did not reap the full benefits of economic change, but often ended up saddled with unviable debts emanating from opaque initiatives. This was a gradually unfolding crisis in the making, but one that was accelerated rapidly by the multiple shocks of debt, Covid and conflict,” Jaishankar said.

“As a result, the endeavour now is to seek re-globalisation that is more diversified, more democratic, where there would be multiple centres of production, not just of consumption. That is where business can make a crucial difference,” he said addressing a session on ‘Role of Global South in Emerging World 2.0’.

Jaishankar said the core mandate of G20 was to promote economic growth and development and it cannot advance if the crucial concerns of the Global South in areas such as debt and finance, sustainable development, climate action, food security and women-led development were not addressed.

“We cannot be at the mercy any longer of a few suppliers whose viability could come into question by unanticipated shocks. This was starkly apparent when it came to health during the Covid pandemic, but it pretty much applies to everything else as well,” he said.

Jaishankar said the compulsion to create more resilient and reliable supply chains was a really pressing one. “Its counterpart in the digital domain is driven more by anxieties about trust and transparency. The volatility of the last few years have brought home to us the importance of strategic autonomy,” he said.

The minister said a more just, equitable and participative global order will only happen when there was commensurate investment, trade and technology decisions directed at the Global South.


Source link

━ more like this

China Sanctions: China sanctions US firm Kharon, provider of research on Xinjiang

BEIJING: China's foreign ministry said it had sanctioned Kharon, a US firm founded by former treasury department officials that provides data to companies...

Bry-Air Conducts the 13th Biannual Eye Camp to Support Underprivileged People Suffering from Eye-Related Problems

Bry-Air Conducts the 13th Biannual Eye Camp to Support Underprivileged People Suffering from Eye-Related Problems Staying true to its commitment to enhancing lives through CSR...

Ukraine: Ukraine claims destruction of major Russian navy vessel in Crimea

Ukraine's air force said on Tuesday that it had destroyed a major Russia landing ship stationed in the Crimean waters, after the Russian-installed...

Mavericks’ Luka Doncic reaches 10,000-point career milestone

Mavericks star Luka Doncic reached 10,000 career points during the first quarter of Dallas’ road game against the Phoenix Suns. Doncic reached 10,000...

Indonesia nickel plant explosion death toll rises to 18

JAKARTA: The death toll after an explosion at a Chinese-funded nickel-processing plant in eastern Indonesia over the weekend has risen to 18 with...