There is an increasing urgency to prioritise the needs of developing countries for a more just and sustainable world order, one that’s characterised by a more equitable distribution of resources within the global community, he said. “It is an undeniable reality that the international system remains dominated by the Global North. This is naturally reflected in the composition of the G 20 as well. Perhaps this mattered less when the globalisation process appeared to offer more opportunities. But as its inequities and unevenness became more apparent … today, the need to focus on developing countries has become more compelling,” Jaishankar said on the last day of the summit.
Global North refers to economically developed and industrialised nations, while Global South encompasses countries that are often labelled as developing, less developed or underdeveloped. The second group of countries are primarily located in the Southern Hemisphere, specifically in Africa, Asia and Latin America.
Speaking at a session on the “Role of Global South in Emerging World 2.0”, Jaishankar emphasised that 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 drag on the world economy. So, the minister said, it is critical for the Global North to prioritise the interests of developing nations concerning global food, energy and fertiliser security, along with challenges posed by trade disruptions, elevated interest rates and climate-related incidents due to the ramifications of the Covid-19 pandemic and the Ukraine crisis.
He noted that increasing climate events have contributed to additional factors of stress on the global economy.Jaishankar cautioned the developed world that globalisation is not a one-way street and that it has consequences for both developed and developing nations. “Remember, globalisation cuts both ways. Till now, the discourse has largely focused on its optimistic facets, but do consider what the implications are for all of us,” he said.He advocated for a more diversified approach to globalisation, highlighting the need for a broader and balanced engagement among global economic stakeholders. The minister said that while globalisation has undoubtedly led to increased interdependence and shared opportunities, its benefits should not be concentrated in a limited number of regions or sectors. Instead, he suggested that a more inclusive and diversified globalisation would ensure that various regions, industries, and communities can equally participate and benefit from the global exchange of ideas, resources and opportunities.Underscoring that 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 are not addressed, Jaishankar said that for a variety of reasons that range from scale, subsidy, technology, human resources & strategic choices, the Global South was reduced to being a consumer rather than a producer. The minister asserted that by fostering multiple avenues for trade, cooperation and collaboration, countries can effectively manage potential disruptions, enhance resilience, and reduce vulnerabilities caused by excessive concentration.
The B20 (Business20) is the G20’s dialogue forum with the global business community. Established in 2010, B20 is known to be the most prominent engagement group in G20, with global companies and business organisations as participants. The theme of the B20 Summit India 2023 is R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses.
