In a speech at the B20 Forum, India’s External Affairs Minister, S Jaishankar, underscored the importance of “re-globalisation” as the world seeks to recover from the disruptions caused by the COVID-19 pandemic and ongoing conflicts. Jaishankar outlined his vision for a more resilient global economic order that emphasizes distributed production centers and robust supply chains.
Jaishankar criticized the previous iteration of globalization, which had concentrated economic power and production in certain countries over the past four decades. He noted that this approach had relegated many countries of the Global South to the role of consumers rather than producers. These nations often provided resources for manufacturing elsewhere, resulting in an unequal distribution of economic benefits.
To address this imbalance, Jaishankar called for a new form of globalization that focuses on multiple centers of production rather than just consumption. Such a model would contribute to reducing volatility and enhancing the resilience of global supply chains.
The external affairs minister also highlighted India’s commitment to assisting developing countries in times of need. He mentioned India’s efforts in supplying vaccines, fostering development partnerships, and providing capacity building to nations in the Global South. These initiatives align with India’s aspirations to position itself as a leader among developing nations. Earlier in the year, India hosted the “Voices of the Global South” Summit, further emphasizing its commitment to supporting nations in their growth journeys.
Jaishankar noted India’s ongoing experimentation, scaling up, deployment, innovation, and breakthroughs. He highlighted that India’s innovative models have not only addressed its own challenges but have also provided replicable solutions for other countries in the Global South.
As the world navigates the aftermath of the pandemic and seeks to build a more inclusive and equitable global economic order, Jaishankar’s call for “re-globalisation” underscores the need for collaboration, resilience, and shared prosperity among nations.