In a bold move to reshape the world order, India's Foreign Minister, Subramanyam Jaishankar, emphasized the urgent need for a new era of "reglobalisation" with a strong emphasis on the participation of the Global South. Addressing delegates on the final day of the B20 forum, the official G20 dialogue platform representing the global business community,
Jaishankar highlighted the pressing requirement for a diversified and more democratic approach in light of the disruptions caused by the COVID-19 pandemic and recent geopolitical tensions.
Challenges Accelerating the Call for Reglobalisation
The gradual emergence of a multifaceted crisis, compounded by debt challenges, the pandemic's impact, and ongoing conflicts, has underscored the necessity for a paradigm shift. Minister Jaishankar succinctly described how these converging shocks have exposed vulnerabilities and emphasized the need for an all-encompassing strategy to achieve a redefined global landscape.
Global South's Vital Role in the New World Order
Jaishankar's speech spotlighted the pivotal role the Global South must play in this transformation. Citing factors such as scale, subsidies, technology, human resources, and strategic choices, he underscored the unfortunate reality that many nations in this region have been relegated to being mere consumers of goods rather than active producers.
The Global South, which encompasses developing and underdeveloped nations across Asia, Africa, the Caribbean, and Oceania, holds immense potential that needs to be harnessed to ensure a more balanced and equitable global economy.
Shifting from Consumption to Production
Historically, these nations have often contributed resources for manufacturing in other regions without reaping the full benefits of economic progress. Instead, they have often found themselves burdened by unsustainable debt resulting from opaque initiatives.
Jaishankar's call for "multiple centres of production" represents a departure from traditional consumption-focused dynamics, aiming to foster resilience against unforeseen shocks, as underscored by the challenges faced during the COVID-19 pandemic.
Creating Resilient Supply Chains and Ensuring Strategic Autonomy
Recognizing the necessity for resilient and reliable supply chains, Minister Jaishankar highlighted the need for strategic autonomy in various sectors, including health and technology. The volatility experienced in recent years serves as a potent reminder of the importance of self-sufficiency and the ability to navigate global uncertainties with confidence.
Jaishankar's vision of a just, equitable, and participative global order necessitates substantial investments in both trade and technology. As he aptly noted, the goal of "reglobalisation" requires a commitment to trade practices that are fair and inclusive, as well as technological advancements that foster transparency and trust.
Aatmanirbhar Bharat: A Step Towards Global Transformation
In his address, Minister Jaishankar pointed to India's proactive approach through its Aatmanirbhar Bharat initiative, which translates to "self-reliant India." This initiative stands as India's response to the call for self-sufficiency, resilience, and innovation within its domestic and international policies.
As the world grapples with ongoing challenges, India's Foreign Minister's call for "reglobalisation" and the active engagement of the Global South represents a visionary step towards reshaping global dynamics. By focusing on production, resilience, and equitable growth, this approach could lead to a more inclusive and balanced world order, fostering collaboration and mutual benefit among nations across the spectrum of development.