S Jaishankar, the minister of external affairs, said at the B20 summit on Sunday that globalization should be more democratic and diversified, with multiple centers of production where businesses can have an impact. He was addressing the audience at a session on the “Role of the Global South in Emerging World 2.0″ that was held in the nation’s capital in conjunction with the B20 Summit India, 2023. The Confederation of Indian Industry’s (CII) B20 India Secretariat organized the summit.
“The volatility of the last few years has brought home to us the importance of strategic autonomy. We may talk about seeking a more just, equitable and participative global order but at the end of the day that will only happen when we see commensurate investment in trade and technology decisions,” Jaishankar said at the summit.
Jaishankar also touched on the evolution of the global world order from being political initially to gaining economic connotations that were accelerated by globalisation, with the advent of factors like technology, energy resources, connectivity and human ingenuity.
In light of the COVID-19 pandemic and the Ukraine crisis, he also emphasized the need to concentrate on developing nations in order to address global issues such as food, energy, and fertiliser security, trade disruptions, high interest rates, and climate events. “Increasingly frequent climate events have added stressors. The current emphasis on the Global South stems from the belief that these are nations that genuinely merit special attention. Additionally, these are societies that are experiencing extreme stress that, if not addressed, would pose a significant threat to the global economy, according to him. The G20 agenda now places a high priority on the issues raised by 125 nations at the “Voice of the Global South Summit” in January 2023.
