External Affairs Minister Jaishankar pitches for more diversified and democratic globalisation

S Jaishankar, Minister of External Affairs, said, “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.”

New Delhi:Globalisation should be diversified and democratic with multiple centres of production where businesses can make a difference, said Dr S Jaishankar at the CII B20 Summit on Sunday. Addressing the session on the 'Role of Global South in Emerging World 2.0' organised under the B20 Summit in New Delhi, S Jaishankar Minister of External Affairs, said, “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.”

The summit was organised by the B20 India Secretariat, the Confederation of Indian Industry (CII). Reflecting upon the evolution of the global world order from being political initially to gaining economic connotations that were accelerated by globalisation increasingly with the advent of factors like technology, energy resources, connectivity and human ingenuity, Jaishankar emphasised the current need to focus on developing countries for global, food, energy and fertilizer security, trade disruptions, high-interest rates and climate events due to Covid pandemic and Ukraine crisis.

He noted that increasing climate events have contributed to additional factors of stress. “The current focus on the Global South emanates from the conviction that these are countries that truly deserve special care, he added that these are also societies under exceptional stress, which if left unaddressed would become a serious issue in the world economy”, added Jaishankar.

It is worth noting that 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.

Dr Jaishankar said that the mandate of the G20 is to promote economic growth and development and that it cannot advance if the crucial concerns of the Global South in the areas highlighted are not addressed", adding “The Emerging world 2.0 is one with more engines of growth, a fair distribution of the benefits of globalisation and greater resources devoted to attaining sustainable development goals and promoting climate action and climate justice”.

The External Affairs Minister appreciated the B 20 Engagement Group for rising to the occasion by prioritising inclusive growth, resilient supply chain, services trade, digital technologies, innovation and sustainability in its agenda. He said that the Engagement Group has established itself as a credible partner of governments, which are working towards the same ends. Jaishankar further pointed out that the Task Forces and Action Councils have given a practical articulation of what the world must do. The session was also graced by N Chandrasekaran, Chair, B20 India and Executive Chairman, Tata Sons, and several other dignitaries.