Global Context
Indian External Affairs Minister S. Jaishankar emphasized the dangers of dependence on one market or source. He called on Global South countries to diversify supply chains and minimize vulnerabilities. This was while delivering his address at a high-level gathering of like-minded nations during the 80th session of the UN General Assembly.
Current Challenges
The world is confronted by growing uncertainty, Jaishankar said. Global South countries are hit hardest. He cited numerous pressures:
- Slow economic recovery from the pandemic
- Prolonged wars in Gaza and Ukraine
- Severe weather events
- Unstable trade and investment
- Interest rate uncertainty
- Slipping progress on sustainable development goals
Multilateralism Challenges
He said that most countries are turning to multilateralism to address risk management. However, international cooperation is not without challenges. Criticism of the ideology of multilateralism, frail global institutions, and scarceness of resources create additional challenges.
Requirement for Reform
Jaishankar emphasized delays in reforms cost dearly. He stated the Global South needs to act in unison to obtain equitable recognition within the international system.
Way Forward
- In the opinion of Jaishankar, nations should:
- Promote free and open economic practices
- Enlargement of South-South trade
- Augmentation of technical cooperation
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