In the midst of geopolitical turmoil, and prolonged conflicts, India convened the third edition of the Voice of Global South Summit on August 17, 2024, engaging 123 nations from the Global South. Muhammad Yunus, Chief Advisor to the interim government of Bangladesh advocated for a complete overhaul of the financial system in the Global South to ensure equitable wealth distribution. The nobel laureate Yunus asserted that integrating entrepreneurship with social business has the potential to transform the Global South.
In his address, Prime Minister Narendra Modi articulated a compelling vision that addresses critical global priorities, including health, food, and energy security, while also emphasizing the need for enhanced global governance and financial inclusion.
The assembly of 123 nations reflect a strategic framework for channeling cooperation and advancing the collective aspirations of the Global South in these challenging times. The theme of the 3rd edition of the summit was “An Empowered Global South for a Sustainable Future. ” The leaders of Bangladesh, Belarus, Bhutan, Chile, El Salvador, Ethiopia, Fiji, Grenada, Guyana, Lao PDR, Marshall Islands, Mauritius, Mongolia, Nepal, Oman, Sri Lanka, Suriname, Tajikistan, Timor Leste, Uruguay and Vietnam attended the Leaders session. Thirty-four foreign ministers and 118 ministers joined the ministerial sessions of the summit.
$2.5 million fund for Promotion of Trade
India outlined the objectives of the “Global Development Compact,” emphasizing a multi-faceted approach for development. The initiative, that was announced in the summit will prioritize trade for development, capacity building, technology sharing, and project-specific concessional finance and grants. To enhance trade promotion further among the Global South, India will establish a special $2.5 million fund and separately provide $1 million for training in trade policy and negotiation. The Global Development Compact will promote trade, technology sharing, and concessional financing, drawing on India’s growth experience and aligning with the priorities of developing countries.
Trade and sustainable development were key priorities in the summit, emphasizing the necessity of fair trade practices and sustainable development goals. India highlighted women-led development as a crucial component of this agenda, recognizing the role of women in driving economic growth and innovation.
In the virtual summit, it was announced that India is contributing to the SDG Stimulus leaders group to address financial stress and development needs in the Global South. The initiative is ideated to make affordable generic medicines accessible, supporting the training of drug regulators, and sharing technology and experiences in ‘natural farming’ to advance agricultural practices.
During the leaders’ session of the summit, advancement of digital infrastructure was portrayed as revolutionary, with India championing the Unified Payment Interface (UPI) as a model for financial inclusion. This digital payment not only simplifies transactions but also connects Global South nations in a unified financial network, facilitating easier cross-border transactions and economic integration.
While addressing, Prime Minister Modi emphasized that the upcoming UN Summit of the Future represents a vital platform for Global South nations to present their concerns and influence global governance. The Indian Prime Minister, who anchored the summit, highlighted the summit as a key opportunity for these countries to advocate for a more inclusive system at the global level. UN Summit of the Future is expected to offer the Global South nations ensure their priorities and perspectives are adequately represented in shaping future global policies.
