Foreign Minister Jaishankar on Sunday vigorously advocated a “more pluralistic and more democratic” re-globalization, saying that countries in the southern hemisphere can no longer be at the mercy of a few suppliers.
Speaking at the Confederation of Indian Industry’s B20 summit here, he said the global south had largely become a consumer rather than a producer, unable to reap the full benefits of economic change.
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“Not only are they (the southern hemisphere) not reaping the full benefits of economic change, but they often end up with unrepayable debts from opaque initiatives. It’s a crisis that unfolded gradually, but is rapidly accelerated by the multiple shocks of debt, COVID-19 and conflict over this crisis,” Jaishankar said.
“The effort now is therefore to seek a more pluralistic, more democratic re-globalization, in which there will be multiple centers of production, not just consumption. This is where business can play a key role,” he said in a statement titled ” The Role of the Global South in the Emerging World 2.0”, said at the conference.
Jaishankar Jaishankar said that the core task of the G20 is to promote economic growth and development. If the key concerns of the global South in areas such as debt and finance, sustainable development, climate action, food security and women-led development are not addressed, the G20 will not be able to make progress. .
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“We can no longer be at the mercy of a small number of suppliers whose viability may be called into question by unexpected shocks. This has been evident in health during the pandemic, but it also applies to almost everything else, “He said.
Jaishankar said creating a more resilient and reliable supply chain is a very urgent task. “Its digital counterpart is driven more by anxieties about trust and transparency. The turmoil of the past few years has taught us the importance of strategic autonomy,” he said.
The minister said that a more just, equitable and participatory global order will only emerge if investment, trade and technology decisions are made accordingly for the southern hemisphere.
