Global South seeks democratic, diversified re-globalisation: EAM

 

 

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’.