Globalisation should be diversified and more democratic with multiple centres of production where the businesses can make a difference, External Affairs Minister S Jaishankar said at the B20 summit on August 27.
He was speaking at the session titled the ‘Role of Global South in Emerging World 2.0’, organised as part of the B20 Summit India, 2023 in the national capital.
The summit was organised by the B20 India Secretariat of the Confederation of Indian Industry (CII).
“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.
He also laid emphasis on the need to focus on developing countries for global, food, energy and fertiliser security, trade disruptions, high interest rates, and climate events due in light of the Covid-19 pandemic and the Ukraine crisis.
“Increasing climate events have contributed additional factors of stress. The current focus on the Global South emanates from the conviction that these are countries that are truly deserving of special care. These are also societies under exceptional stress which if left unaddressed would become a serious issue in the world economy,” he said.
The challenges and priorities discussed with 125 countries during the ‘Voice of the Global South Summit’ in January 2023 have been made central to the G20 agenda. Countries during India’s G20 Presidency have deliberated on the issues of debt and finance in sustainable development, climate action, food security, and women-led development.
“The 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 highlighted are not addressed,” Jaishankar said.
“The Emerging world 2.0 is one with more engines of growth, a fair distribution of the benefits of globalization, and greater resources devoted to attaining sustainable development goals and promoting climate action and climate justice,” he added.
The EAM also voiced appreciation for the B20 Engagement Group for “rising to the occasion by prioritising inclusive growth, resilient supply chain, services trade, digital technologies, innovation, and sustainability in its agenda”.
“The engagement group has established itself as a credible partner of governments who are working to the same ends. The task forces and action councils have given a practical articulation to what the world must do,” the EAM added.
Apart from Jaishankar, N Chandrasekaran, chair, B20 India and executive chairman, Tata Sons, India, was also present at the event. He also delivered the welcome and concluding remarks at the session.
The Business20 (B20) is the official G20 dialogue forum with the global business community. The theme for the summit this year is ‘R.A.I.S.E.: Responsible, Accelerated, Innovative, Sustainable, Equitable Businesses’.
The three-day summit in the national capital started on August 25. The event this year has seen the participation of over 1,500 delegates from 55 countries.
(With inputs from ANI)
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