Global South Seeks 'More Diversified And Democratic' Re-Globalisation: EAM S Jaishankar

External Affairs Minister S Jaishankar has emphasized the need for a "more diversified and more democratic" re-globalisation, stating that the Global South should no longer be dependent on a few suppliers.

Speaking at the B20 Summit organised by the CII on Sunday (27 August), he highlighted that the Global South has been reduced to a consumer rather than a producer, preventing them from fully benefiting from economic change.

"They not only did not reap the 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, that was rapidly accelerated by the multiple shocks of debt, Covid and conflict," Jaishankar said.

"As a result, the endeavor now is to seek a re-globalization that is more diversified and democratic. Where there would be multiple centers of production, not just of consumption. And that is where business can make a crucial difference," the EAM said.

"We cannot be at the mercy any longer of a few suppliers, whose viability can come into question by unanticipated shocks," he said,

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

He 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 has brought home to us the importance of strategic autonomy," he said.

"We may talk about seeking a more just, equitable and participative global order. At the end of the day, that will only happen when we see the commensurate investment, trade and technology decisions," Jaishankar added.