During the B20 summit, the External Affairs Minister S Jaishankar, emphasized the need to reshape globalization by establishing diverse and democratic centers of production to drive positive changes. Speaking at a session called ‘Role of Global South in Emerging World 2.0’, which was part of the B20 Summit India 2023 held in the national capital, Jaishankar conveyed that recent global uncertainties have highlighted the significance of strategic independence. He noted that achieving a fair and participatory global order requires substantial investment in trade and technological decisions.
Jaishankar also discussed the transformation of the global world order, which initially had political implications but later gained economic dimensions accelerated by globalization, technology, energy resources, connectivity, and human innovation. He highlighted the necessity to prioritize developing nations in matters of global food, energy, and fertilizer security, trade disruptions, high interest rates, and climate-related events, considering the impact of the Covid-19 pandemic and the Ukraine crisis.
Jaishankar emphasized that the focus on the Global South stems from the belief that these nations require special attention due to their challenging circumstances. Neglecting these stressed societies could pose significant threats to the world economy.
The concerns and priorities addressed during the ‘Voice of the Global South Summit’ in January 2023 have been integrated into the G20 agenda. During India’s G20 Presidency, countries deliberated on topics such as debt and finance in sustainable development, climate action, food security, and women-led development. Jaishankar stated that the G20’s mission to promote economic growth and development can only succeed by addressing the crucial concerns of the global South.
He envisions Emerging World 2.0 as characterized by multiple growth engines, equitable distribution of globalization’s benefits, and increased resources allocated to achieving sustainable development goals and advancing climate action and justice.
Jaishankar commended the B20 Engagement Group for its focus on inclusive growth, resilient supply chains, service trade, digital technologies, innovation, and sustainability. He acknowledged the group’s role as a reliable partner for governments striving towards common objectives.
The B20 summit also featured N Chandrasekaran, Chair of B20 India and Executive Chairman of Tata Sons, who delivered both the opening and closing remarks. The summit, themed ‘R.A.I.S.E.: Responsible, Accelerated, Innovative, Sustainable, Equitable Businesses’, spanned three days in the national capital and welcomed over 1,500 delegates from 55 countries. The B20 serves as the official G20 dialogue platform with the global business community.
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