Event Brief

EU–Central Asia Economic Forum: Europe’s Renewed Push Into Post-Soviet Heartland?

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COGGS Content Team║

IN ORDER TO get the Central Asian nations out of the clutch of Russia and China, the European Union has been pulling up its socks and contemplating the best ways to engage with the region. The Third European Union-Central Asia Economic Forum was convened in Tashkent, Uzbekistan, on November 26, 2025, followed by the EU-Central Asia Summit in Samarkand. The forum hosted business leaders, investors, and government representatives from over 32 countries, where the EU contingent was led by EU Commissioners Jozef Síkela and Marta Kos.  

EU–Central Asia Economic Forum in Tashkent warmed up EU–Central Asia economic ties, with six cooperation agreements worth nearly €100 million signed across irrigation, ecology, digital geodata, and security, framing 2025 as “The Year of Europe” in the region. The EBRD highlighted its cumulative €21 billion already invested in 1,227 projects in Central Asia, while a new €3 million EU–EBRD agreement targets sustainable mining of critical raw materials to feed Europe’s green transition.

The Forum’s inking of six major €100 million deals , ranging from DATA4CRM (€7.5M) for investor-attracting geodata modernization, SECURE CRM (€3M) and GROW CRM (€3M) for transparent critical raw materials chains, the €48.8M Aral Sea restoration, to BOMCA (€12M) and CADAP (€18M) for border security and anti-drug efforts reflects a commitment of EU. 

Central Asia is comprised of five post-soviet states Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, where as EU remains a 27-member European club, after UK’s exit from the bloc. EU–Central Asia Economic Forum was considered a precondition for success for both the EU’s presence in the region and for Central Asia’s desire for increased business with Europe. Central Asian Development projects are subjected to create a sustainable future, generate jobs, establish value chains, and generate wealth in the region. The drives are simultaneously intended to increase the economic security and resilience for Europe.  

The economic partnership is currently at a pivotal juncture, with discussions focusing on strengthening regional connectivity and exploring sustainable investment opportunities. The habitat of 80 million Central Asia is readying herself to accommodate 100 million people by 2050.  The central asian nations have shown great camaraderie on regional and international issues, despite internal tussles back home. 

The economic engagement between the EU and Central Asia is based upon couple of factors ranging from bilateral commerce, particularly with Uzbekistan, and substantial financial allocation from European institutions. 

The EU maintains its position as Uzbekistan’s largest investor. In 2024, the European Bank for Reconstruction and Development (EBRD) allocated a total of two billion euros to Central Asia. Of this figure, 85 million euros were allocated specifically to Uzbekistan.

GDP of the Central Asian nations. Data: IMF. Chart: The Times of Central Asia.

EU is one of Central Asia’s primary trading partners, accounting for 24.7% of the region’s combined foreign trade in 2024, with overall trade volume reaching approximately €54 billion ($60 billion ). EU imports from Central Asia surged 68% in 2024, dominated by commodities like crude oil, gas, metals, and cotton fiber, especially from Kazakhstan, where EU trade hit €45 billion and Kazakhstan sends 37% of its exports to the EU—while EU exports to the region, mainly machinery, transport equipment, and manufactured goods, dipped slightly by 5%. Key frameworks include the Enhanced Partnership and Cooperation Agreement (EPCA) with Kazakhstan since 2020, Generalized Scheme of Preferences (GSP/GSP+) for Kyrgyzstan, Tajikistan, and Uzbekistan, plus recent €12 billion Global Gateway investments in transport (i.e Middle Corridor), critical raw materials, green energy, and digital connectivity, alongside €100 million in new deals from the 2025 Tashkent Forum.

European Bank for Reconstruction and Development (EBRD) has emerged as the leading institutional investor in Central Asia. It has provided over €2.26 billion to 121 projects in 2024 alone and mobilizing more than €3 billion for the region’s real economy, with a strong focus on private-sector development, sustainable infrastructure, and green transition. 

 

 

Whereas Brettonwoods institution IMF usually focuses macroeconomic stabilization, balance-of-payments support, and policy advice through instruments and capacity-building platforms (such as CCAMTAC center in Almaty), EBRD is primarily a project-based lender and equity investor designed to boost market-oriented economies and crowd in private capital. World Bank’s Central Asia portfolio, on the other hand, underscores large-scale public-sector investments and policy reforms in areas such as social services, connectivity, and climate resilience, operating one of its largest programs globally in the region, while Asian Development Bank (ADB) positions itself as a regional development financier with a strong focus on infrastructure, regional integration, and knowledge support.

EBRD’s niche lies in its deep local presence, its role as the largest green lender in Central Asia. About 58 percent of EBRD 2024 financing supported green economy projects and its capacity to work directly with firms and municipalities, often co-financing alongside World Bank and ADB and complementing IMF policy conditionality rather than competing with it. This makes the EBRD a critical bridge between macro-level reform agendas driven by the IMF and World Bank and the micro-level, commercially oriented investments needed to embed market disciplines, support SMEs, and operationalize the region’s shift toward sustainable, diversified growth.

As the European nations are finding alternatives of Russia and China for essential energy supplies, Central Asia appears to be the perfect fit. The forum has positioned Central Asia as a multipolar transit hub via Trans-Caspian routes while  generating local jobs and green reforms. 

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South Africa’s G20 Presidency, Global South Concerns and the Outcomes

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[  The 2025 G20 Summit, held from 22 to 23 November 2025 in Johannesburg, marked the first-ever G20 summit hosted on the African continent. Under the theme “Solidarity, Equality, Sustainability,” the nation known for its social prestige and political merit, used this historic presidency to highlight Africa’s development priorities and the broader Global South agenda, stressing climate adaptation, debt relief, inclusive industrialization, and global governance reform. The summit faced the absence of key leaders, including US President Donald Trump, who boycotted the event while criticizing the South African presidency for its perceived divergence from the G20’s consensus principle. Amid chaos and wars, the summit secured a landmark Leaders’ Declaration addressing global inequalities.]

 

COGGS Content Team

SOUTH AFRICA’s PRESIDENCY of the G20, marking the first African G20 presidency, represented a significant moment for Global South to assert its collective aspirations for systemic reform and economic justice. The summit in the heart of Africa utilized diplomatic stature and coalition-building to illuminate the aspirations, contributions, and critical frustrations of Global South. The core of South Africa’s mandate was the resolute rejection of outdated and non-functional paradigms and a forceful demand for a “global reset”. South Africa recognized that current economic concepts and theories often prove inapplicable to the challenges faced by Global South and appealed for the renegotiation and review of existing global structures.

In its presidency, South Africa highlighted how the status quo is detrimental to low-income global south economies, especially concerning debt management. The focus was on mobilizing finance for essential transitions, such as a just energy transition, and harnessing critical minerals for inclusive growth. This push for new international architecture moves beyond the G20’s original finance-centric origins and it further demands systems that are fundamentally more inclusive as well as equitable.

South Africa championed the need to give WTO (World Trade Organization) more impetus to effectively deal with disputes and unilateral trade decisions. Such act reflects a collective desire among Global South members to defend themselves against larger economies whose actions might harm developing nations.

A major institutional success and reflection of sustained South-South advocacy was the inclusion of the African Union as a permanent G20 member. Bringing African voice within global governance forums is immensely significant.

During the G20, perhaps the most potent and humanely critical issue tables by South Africa was the crisis of debt sustainability for low-income countries. Approximately 74 countries of the Global South are either defaulting or on the verge of defaulting, urgently requiring debt renegotiation. The current debt arrangement is widely considered not favorable to these low-income Global South economies as highly increased interest rates hit and hurt them fiercely.

There’s a serious need to revise and reform Common Framework for Debt Treatment, initiated by G20 and Paris Club. The difficulty of this negotiation lies in bringing together disparate creditors—ranging from large banks to private lenders—who hold varying interests, making the negotiation process “agonizingly complex and slow”. The setting up of the Africa Expert Panel signalled an active attempt to design debt frameworks attuned to the developing countries’ interests and ensure fair as well as transparent practices.

South Africa, as the continent’s sole G20 member, successfully pushed the African agenda to the top of the global stage, demonstrating its role as an important global player and a “moral authority” on certain issues.

To ensure relevance and focus, the presidency commissioned an Africa report specifically related to the finance track stream to analyze continental challenges, alongside a report on inequality. Furthermore, the presidency, alongside Brazil, prioritized the Social Summit. This initiative was vital for ensuring that global economic policies address grassroots concerns and capture the views of ordinary people, specifically addressing endemic issues such as youth unemployment, gender-based violence (GBV), and housing shortages, which were raised by South African citizens.

G20 Leaders’s at Johannesburg Summit. Credit: The Presidency Secretariat, South Africa

 

Despite the advancements made, South Africa’s presidency confronted the realpolitik of global governance. The sources reveal a pronounced global fragmentation and resistance from powerful economies. The challenge of achieving consensus often stalled ambitious reforms; resistance came from the G7 and wealthier western economies, which displayed a limited appetite for the agenda items tabled by South Africa, particularly around debt relief and climate finance. This difficulty was evidenced by the fact that only one out of four finance ministerial summits resulted in an official communiqué.

South Africa’s diplomatic approach, however, was to maintain focus on key issues and avoid a “shouting match,” thereby safeguarding the stature of the first African G20 presidency.

The enduring challenge to realizing the tangible benefits outlined in the declaration remains the lack of a force of law to compel implementation. Systemic reform hinges heavily on sustained “political will,” raising concerns that the momentum built by the developing South might “regress” when the presidency transitions back to the developed North (e.g., the United States), potentially narrowing the focus solely back to the finance track and neglecting the broader social and equity agenda.

 

Global South spoke her mind at Johannesburg, loud and clear. Ensuring peace and stability were central to the G20 summit declaration, which prioritized a comprehensive and lasting peace in conflict zones including Sudan, the Democratic Republic of the Congo, the Palestinian territory, and Ukraine. Guided by the principles of the UN Charter, the G20 leaders committed to renewed diplomatic efforts to achieve sustainable peace and condemned terrorism in all its forms. The declaration also tabled pointed emphasis on the seriousness of climate change, marking a clear rebuke to US President Donald Trump, who boycotted the summit and has expressed skepticism about human-induced global warming. The summit’s enduring legacy rests on its demonstration that determined leadership, coalitional strategy, and an insistence on equity can steer global governance closer to the interests of global south, even while acknowledging that systemic global reform remains incremental, not transformative. In the dawn of multipolarity, South Africa embarked on its 2025 G20 presidency with a resolute vision to realign the global economic architecture toward greater equity, inclusivity, and sustainable development, firmly asserting the interests of the Global South amid rising geopolitical fragmentation.

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COP30: Geo-Climate Politics, Climate Finance and Global South

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COGGS Contents Team

The thirtieth Conference of the Parties (COP30),  convened in Belém, Brazil, placed the financial and ethical demands of the Global South (Emerging Markets and Developing Countries, or EMDEs) at the core of the global climate agenda. The necessity of new financial mechanisms, and the crucial role of equity were among the top take aways from COP30. 

With the theme, “Building the Financial and Ethical Foundations for a Just Transition”, COP30 become a defining moment for the Global South to assert leadership amid rising climate and political heat. With the U.S. under President Trump turning inward and the EU distracted by internal strains, Global South actors like Brazil, India, South Africa and China are filling the vacuum with a more equitable climate agenda. More from the south are joining the league for a greater cause. COP30 has focused on climate finance, adaptation and a just transition, with Global South nations pressing Western economies to honour commitments on funding and loss-and-damage. Initiatives such as the Tropical Forests Forever Facility and proposed exclusion zones for sensitive ecosystems underscore their push to protect biodiversity while advancing clean energy.

Strengthened South–South cooperation, new plurilateral coalitions and calls for coordinated fossil-fuel phase-out plans all signal a big shift in climate politics. COP30 marks a turning point where the Global South is not just demanding climate justice but demonstrating its capacity to lead—if promised financial and technological support is finally delivered.

I. The Critical Finance Gap: A Question of Survival

The fundamental perspective driving COP30’s outcomes is the recognition that without massive financial mobilization, the climate goals of the Paris Agreement will not be met, and for many vulnerable nations, access to funds is “a matter of survival”.

Extreme Financial Disparity While global climate finance flows reached USD 1 trillion in 2023, the vast majority bypasses the Global South. The core finding of the COP30 Circle of Finance Ministers’ report is highly indicative of this crisis: “Global climate finance flows for all countries hit an all-time high of USD 1 trillion in 2023, more than doubling in three years, but only around 10% goes to Emerging Markets and Developing Countries (EMDCs), while less than 5% goes to adaptation. The lower bound of global estimated climate finance needs – USD 6 trillion – is still 3 times more than current flows” (source: page 9/ COP30 Circle of Finance Minister’s report )

Scale of EMDE Needs The developed world must massively scale up financial flows to EMDEs. EMDEs require investment of at least USD 2.4 trillion per year by 2030 and USD 3.3 trillion per year by 2035 to meet their needs for clean energy, adaptation, loss and damage response, natural capital, and a just transition.

Concrete Need: Adaptation The adaptation finance gap is stark: global adaptation needs are estimated at USD 215–387 billion annually by 2030, yet international public flows reached only USD 28 billion in 2022.

COP30 Circle of Finance Ministers Report_Final

II. New Financial Architecture for Implementation

COP30 focused on creating concrete mechanisms to ensure finance flows are directed “quickly, transparently and fairly” to those most in need.

 Baku-to-Belém Roadmap The Roadmap is positioned as a collective pathway for scaling climate finance for developing countries from all sources through 2035. The goal is to unlock the $1.3 trillion annually required. The COP30 Presidency stressed that delivering this ambition hinges on coordinated reforms across five priority action areas, including MDB mandates and domestic investment frameworks.

Concrete Mechanism: Country Platforms Brazil and the Green Climate Fund (GCF) strengthened investment architecture through new Country Platforms and a Country Platform Hub. These platforms are a major step towards aligning global support and investments with national climate priorities.

[Context: These platforms help countries integrate proposed climate plans into broader economic frameworks, and 13 countries released plans to develop them through the GCF readiness program. GCF Executive Director Mafalda Duarte noted that national platforms represent a strategic opportunity to bring together government, the private sector, and development partners to “identify priority policies and investments, as well as align public and private, international, and domestic financing”.]

A solitary tree stands against a cracked, arid landscape under a cloudy sky, illustrating drought and desertification.

III. Equity and Justice through Solidarity Levies and Local Recognition

The Global South nations emphasized that finance must be fair and debt-avoiding, reflecting the “polluter-pays principle”.

Concrete Mechanism: Solidarity Levies Leaders reaffirmed the growing global momentum behind solidarity levies as an essential tool for generating fair, more predictable, and debt-averting climate finance.

[Context: These levies target high-emitting, undertaxed sectors such as aviation, shipping, financial transactions, and cryptocurrencies, mobilizing concessional resources for adaptation, resilience, and loss-and-damage. The Premium Flyers Solidarity Coalition expanded to include countries like Benin, Nigeria, Fiji, and Vanuatu.]

 Laurence Tubiana, COP30 Special Envoy to Europe, stated: “The launch of the Premium Flyers Solidarity Coalition proves that solidarity levies can move from ideas to reality. This is only the first step. Now I call on more countries to join us at COP30 and turn this momentum into lasting global change”.

 

Inseparability of Justice and Action UN General Assembly President Annalena Baerbock stressed that “Climate action and social justice are inseparable,” noting how climate instability drives social crises: “Climate insecurity fuels hunger and poverty, poverty drives migration and conflict; and conflict, in turn, deepens poverty and deters investment”.

Local Demands: Indigenous Leadership Indigenous leaders attending the COP, including Chief Raoni, called for protection of standing forests and recognition of Indigenous leadership. They stressed that commitments on climate finance “hold meaning only when they translate into the protection of standing forests and the recognition of Indigenous leadership”.

IV . Climate Action as an Engine for Global South Growth

COP30 framed investment in the climate transition not as a cost, but as an opportunity for sustainable growth, offering tangible benefits for the Global South economy and population.

Economic Opportunity: Studies suggest that boosting green investment rates by 3–5% in EMDCs can “spur global growth, strengthen energy security dependence, and unlock millions of decent jobs”. Accelerated climate action is viewed as the foundation for a new era of sustainable, inclusive growth.

 UN Climate Change Executive Secretary Simon Stiell underscored this economic perspective: “When finance flows, ambition grows,” enabling implementation that creates jobs, lowers the cost of living, improves health outcomes, protects communities and secures a more resilient, prosperous planet for all.

The Cost of Inaction: The cost of delaying action is enormous, disproportionately affecting developing objectives. Long-term scenarios suggest that under current climate policies, global GDP could be up to 15% lower by 2050 compared to a world without climate change. Climate-related disasters are already causing severe economic losses, reaching USD 320 billion globally in 2024.

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Unite & Rise, Follow China’s Light, Jeffrey Sachs tells Africa

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COGGS Content Team

IN A PODCAST INTERVIEW with Fidias Panayiotou, a Cypriot politician, and YouTuber-turned-independent Member of European Parliament, Economist Jeffrey Sachs stressed Africa’s unification and adopting China’s model for future prospects. Sachs, acclaimed for his bold strategies in poverty reduction, economic reform, and addressing global challenges such as climate change and disease control, argued that unity is essential for Africa’s success: When asked if this division will change, he stated, “they will unite it they have to.“.

Sachs, a staunch critic of the Western powers, explained the size and structure of the African continent, contrasting it with unified nations like India and China.

“Africa if you add up the 55 countries of the African Union that’s about 1.5 billion people same size as India same size as China,” he elucidated. He further told that a crucial difference lies in the history of imperial domination: “the big difference is that the imperial powers divided Africa into 55 little countries not one of which can thrive on its own“. In contrast, “India and China because of the history remained unified countries after,” he said in the podcast.  He emphasized this need for continental cohesion: “I tell them every single time I have the opportunity that the African Union is the key as 55 you can’t make it but as one African continental economy you can make it. “

In the two-hour long podcast, published on 31 Oct 2025, speaking widely on Africa, China, World Economy, and his current business, Jeffrey Sachs mentioned three points he prescribe the African leaders.

I. “first be Africawide” (meaning unity).

II. “second get on quickly with mass education because that is the key to the economic development”.

III. “third look at what China did follow that model“.

 

Africa : The Future of the Century

Speaking on Africa’s demography and future, he said “what’s happening now is Africa’s population is continuing to rise it’s the only place in the world with rapid population growth”. Regarding the rest of the world, he noted that “everyone else has peaked or just about to peak or actually beginning a decline”.

Sachs provided significant figures, presenting future demographic shifts: “Africa’s population today is 1.5 billion by 2050 it’ll be 2.5 billion that’s a lot adding a billion people in the next quarter century“. “if you go even farther and just try to extrapolate based on current trends Africa’s population reaches about 3.5 billion and according to the UN most recent forecast 3.7 billion by the end of the 21st century“.

This growth will radically transform the global balance: “Africa goes from being 9% of the world population to being more than 30% of the world population it’s going to be completely different world,” he said in the interview. 

 

 

Rise Africa, follow China’s Light

Jeffrey Sachs prescribed China model as the significant and applicable blueprint for Africa’s rapid development. He highlighted that around 1980, China was impoverished with a poverty rate even higher than Africa today, yet through opening up its economy and implementing strong policy measures, China transformed into a high-income economy and became the world’s largest economy by purchasing-power parity over 40 years.

Sachs further identified key growth pillars for Africa, inspired by China’s success: massive investments in education to build skills, infrastructure development including power, digital access, and transport, and fostering a vibrant private sector supported by enabling policies . He stresses the necessity for a mix of domestic resource mobilization and international financing at low costs to fund this development. Sachs contrasts the China model with the traditional IMF approach, favouring the former’s focus on state-led strategic investment and policy reform.

Jeffrey Sachs’ academic paper “Economic Reforms and Constitutional Transition” (2000) co-authored with Wing Thye Woo and Xiaokai Yang, insightfully highlights the risks of state opportunism during transitions and the high costs of gradual dual-track reforms. The widely cited paper presents a nuanced perspective on economic reform by linking it to political constitutional transition. Using China and Russia as contrasting case studies, Sachs went on to argue that economic reforms cannot be fully understood outside the broader political context. China’s success, according to this paper, is due to economic reforms occurring within a stable political monopoly, whereas Russia’s problematic transition was marked by political competition and constitutional struggles.

His 1997 paper, that appeared in the dawn of globalisation, “Economic Reforms in China and India: Selected Issues in Industrial Policy,” co-authored with Nirupam Bajpai and Tianlun Jian, provides a comparative analysis of the reform experiences in these two populous nations. Sachs highlights China’s far-reaching deregulation, especially in labor and price reforms, and the superior performance of China’s township and village enterprises and special economic zones. The paper underscores how China’s market-oriented reforms have outstripped India’s more cautious approach, attributing China’s rapid economic growth to the strategic policy environment that fosters private sector dynamism, foreign investment, and export-led development.

As demographic shifts are taking place, Jeffrey Sachs has emphasized that Africa should replicate China’s comprehensive economic opening, infrastructure investment, regional integration, and skill development to achieve rapid and sustained growth. To implement these goals, Africa needs to be united, as no single country could sustain itself alone according to the acclaimed economist.

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UN Day of South-South Cooperation Observed, Triangular Cooperation Stressed

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United Nations Day for South-South Cooperation

United Nations General Assembly in its resolution 58/220 designated 12 September as the United Nations Day for South-South Cooperation. This commemorates the 1978 adoption of the Buenos Aires Plan of Action for Technical Cooperation among Developing Countries (BAPA), a seminal framework that redefined collaboration among nations of the Global South. BAPA recognized the agency of developing countries not merely as aid recipients, but as partners, problem-solvers, and innovators in charting a shared path of development.

“On this United Nations Day for South-South Cooperation, we celebrate the growing momentum of opportunity, innovation and solidarity across the Global South. In an increasingly multipolar world, developing countries are demonstrating remarkable resilience and ingenuity – not only in responding to crises, but in driving transformation.

They are creating bold, homegrown solutions and sharing them across borders, such as climate-smart agriculture, green technologies, digital finance and health breakthroughs.  These solutions are forged in mutual respect, shared learning and common purpose.

 South-South and triangular cooperation are engines of progress and vital to achieving the Sustainable Development Goals.  Yet we also recognize the responsibilities of developed countries to help address rising inequalities and advance sustainable development. As we mark this important Day, let’s celebrate South-South collaboration as a catalyst for reinvigorated multilateralism and building a more inclusive, equitable world for all,”  António Guterres, Secretary General of the UN speaking on the observation said.

 

 

In 2025, as the international community moves beyond the midpoint of the 2030 Agenda for Sustainable Development and reflects on the outcomes of the 2024 Summit of the Future, the imperative of South-South cooperation has gained renewed urgency. The Summit’s Pact for the Future has infused momentum into multilateral reform and underscored the indispensable role of solidarity, collective action, and equitable global governance in shaping a just and sustainable world.

Development Challenges in a Polycrisis World

The global landscape remains fraught with overlapping crises:

  • Climate change: intensifying disasters, from heatwaves to flooding, disproportionately affect Global South nations.
  • Debt distress: many developing countries continue to allocate more resources to external debt servicing than to essential social investments.
  • Digital inequality: uneven connectivity perpetuates divides in education, trade, and innovation.
  • Health security and food systems: fragile supply chains and pandemic aftershocks continue to compromise resilience.
  • Extreme poverty: as of 2025, over 650 million people remain trapped in conditions of deprivation.

These challenges not only undermine progress on the Sustainable Development Goals (SDGs), but also highlight the urgency of knowledge-sharing and context-sensitive solutions rooted in the realities of the Global South.

Focus on Triangular Cooperation

South-South and triangular cooperation function as dynamic development modalities. They are not a substitute for North-South engagement but provide complementary and adaptive pathways to address global challenges. This year’s theme, “New Opportunities and Innovation through South-South and Triangular Cooperation”, highlights the transformational potential of peer-to-peer solidarity in advancing sustainable development. Their added value lies in:

  • Practical, adaptable models: grounded in domestic experiences of resilience, recovery, and economic adjustment.
  • Innovation ecosystems: spanning digital transformation, climate-resilient agriculture, community-based health systems, and sustainable financing.
  • Inclusive partnerships: bringing together governments, civil society, the private sector, and multilateral agencies in co-designing solutions.
  • Triangular cooperation: scaling innovations by linking Global South initiatives with technical and financial support from Northern and multilateral partners.

The recent findings of UNOSSC’s Global Report on South-South Cooperation, “Bridging Horizons and Continents”, emphasize that solidarity-based cooperation is not just symbolic but a proven framework for resilience, scale, and sustainability.

Financing for a Stronger Future

At the 22nd Session of the High-level Committee on South-South Cooperation, Member States reaffirmed the necessity of sustainable financing mechanisms. Calls were made to:

Expand access to blended finance, debt-for-SDG swaps, and impact investment instruments.

Establish dedicated financing windows for South-South initiatives within UN entities.

Develop more predictable, longer-term financing models that move beyond ad hoc pledges.

These demands echo broader debates on reforming the international financial architecture to better serve low- and middle-income countries, an agenda also underscored by the Summit of the Future and the Third South Summit.

Strategic Arenas of Collective Action

The Global South today is not merely an arena of need but is emerging as an engine of innovation and leadership. Through South-South and triangular cooperation, countries are advancing systemic change in several key domains:

  • Digital Transformation: scaling digital public infrastructure to expand financial inclusion, promote e-governance, and bridge connectivity gaps.
  • Climate Resilience: advancing peer-driven climate adaptation strategies such as drought-resistant cultivation and regional renewable energy corridors.
  • Health Systems: sharing innovations in universal health coverage, pandemic preparedness, and technology-enabled care.
  • Sustainable Financing and Trade: strengthening regional value chains, building trade corridors, and creating South-led mechanisms to reduce vulnerabilities.

Toward a Just, Peaceful, and Sustainable World

The Global South is home to the majority of humanity and a critical source of solutions to today’s pressing challenges. By harnessing the strength of shared experiences, resources, and capacities, South-South cooperation embodies the spirit of global solidarity. It is central to achieving the Pact for the Future’s call for a just and peaceful world.

Member States across multiple fora — from BAPA+40 High-level Conference on South-South Cooperation to the High-Level Conference of Middle-Income Countries — have underlined the need to mobilize these modalities more strategically. The message is clear: countries of the Global South have much to offer, irrespective of their stage of development.

UN Day of South-South Cooperation Observed, Triangular Cooperation Stressed Read Post »

Economist Rajiv Kumar at GSEF 2025: Six Defining Global Transitions

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In a speech at the plenary session of Global South Economic Forum, Rajiv Kumar, a prominent economist and advisor to COGGS, delivered a powerful message on the world’s ongoing transformations and the pivotal role the Global South can play in shaping the new world order. Here’s a detailed look at his key arguments and the call to action he extended to the international community at the forum on June 17, 2025.

The World in Historical Flux

 

While addressing the GSEF, Kumar, the former Vice Chairman of Niti Ayog,  Indian government’s finance planning thinktank opened by stressing that the world is currently experiencing an “unprecedented historical transition.” He argued that the magnitude and nature of these changes are unlike anything seen before, presenting both challenges and opportunities, especially for the nations of the Global South.

Six Defining Global Transitions

Drawing from his forthcoming book, “The Everything All At Once: The Six Global Transitions in the World Today,” Kumar outlined the six critical transformations shaping our era:

I. Geopolitical Shift: The previous notion of “the end of history” is now outdated. Instead, Kumar says, “a new history is beginning at the moment,” marked by shifting global power dynamics.

 

II. Geoeconomic Fragmentation: He challenged the idea that the world is economically flat, explaining that barriers, protectionism, and fragmentation are on the rise.

III. Geophysical Realignment: The locus of prominence is shifting from the Euro-Atlantic world back to the Asia-Pacific – a return to a historical norm prior to Western hegemony.

IV. Technological Revolution: Kumar described today’s technological advances, especially in artificial intelligence, as more dramatic and rapid than any prior industrial or technological revolution. He warned of an imminent “singularity,” where machine intelligence outpaces human intelligence.

V. Climate Change Crisis: He highlighted the urgent threat climate change poses, particularly to the Global South, criticizing northern nations for rhetorical support without adequate action. Kumar warned of a narrow 20-year window to avert irreversible damage.

VI. The Rise of the South: Noting that 85% of the world’s population resides in the South, contributing some 40% of global GDP—and now driving global growth more than advanced economies—Kumar underscored the region’s economic and demographic dynamism.

The Opportunity: Making This the Century of the South

Amidst these transitions, Kumar made a compelling case for the Global South to “work together in solidarity and strategic collaboration.” He further emphasized that the South is not monolithic but contains its own “north” and “south.”

He identified the expanded BRICS grouping (now including countries such as the UAE, Ethiopia, Egypt, Indonesia, among others) as the ideal platform to drive this movement forward. However, he urged BRICS to become more than a “talking shop,” advocating for concrete progress on:

  • Climate change mitigation,
  • Food security,
  • Harnessing artificial intelligence for development,
  • Exploring the creation of a new reserve currency.

India and China: Partners in Shaping the South

Economist Rajeev Kumar highlighted a special responsibility for India and China, the two largest civilizational economies. He acknowledged China’s lead, especially in strategic technologies, and proposed that “as a senior partner we look towards China to give us the lead for how to create the South-South cooperation and make it effective, implementable and operational.”

 

Kumar concluded with a call to devise “the modality for BRICS and, within that, India-China bilateral cooperation to play the role of making the 21st century the century of the South.” He appealed for the opportunity to design and operationalize “a new world order which is rule-based and not hegemonic.”

 

Economist Rajiv Kumar at GSEF 2025: Six Defining Global Transitions Read Post »

Transition in Syria : COGGS Advisor Explains Regime Change, Russo-Chinese Realignment

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In a recent panel discussion in New Delhi, COGGS Advisor and acclaimed journalist Atul Aneja provided an analysis of the multifaceted web of regime changes, geopolitical upheavals, and developing global power dynamics. Speaking at India’s oldest state-administered (autonomous ) think-tank Indian Council for World Affairs, Aneja traced the roots of regime change in Syria strategies back to the collapse of the Soviet Union, which marked the beginning of a unipolar world order. He explained that this era saw the proliferation of regime change tactics such as colour revolutions and interventions facilitated by organizations like the USA based agencies like National Endowment for Democracy and USAID. He highlighted Yugoslavia’s breakup under the 42nd President Bill Clinton administration of the USA as the first successful experiment in this strategy, setting a precedent for similar actions in Eastern Europe, the Middle East, as well as North Africa.

 

Addressing the assembly of foreign policy observers in India’s capital, the China and Middle East specialist  emphasized that these movements often masqueraded as grassroots democratic uprisings but were, in reality, geopolitically motivated interventions. Aneja further shared his experience as a journalist in Cairo during the Arab Spring, where he uncovered connections between movements like Egypt’s April 6th Youth Movement and external training programs in Serbia. These programs taught activists techniques for peaceful protests and resistance against state repression, facilitated by west-headquartered organizations such as Freedom House.

Turning Points: Libya and Syria

Libya’s 2011 uprising as a pivotal moment in regime change history. The NATO-led intervention that toppled Lybian President Muammar Gaddafi signified a shift in global power dynamics. However, Syria marked a turning point where Russia and China began actively resisting regime change efforts. Aneja argued that their vetoes against no-fly zones in Syria represented their first line of defense against Western-led interventions aimed at reshaping Eurasia.

He went on to explain that Syria’s survival was critical to preventing further destabilization in the region. The failure to achieve regime change in Syria during 2011-2012 eventually culminated in Bashar al-Assad’s consolidation of power.

Messianic Ideologies , Tensions and Russia’s Reaction 

Aneja explained the ideological transformations within Israel and Iran, describing them as two messianic powers locked in competition. He expressed concerns about Israel’s evolving vision under Netanyahu’s leadership, which aligns with plans for a “Greater Israel” driven by radical ideologies. Similarly, Iran’s Shia beliefs about the return of the Mahdi shape its geopolitical strategies.

He emphasized that although Russia’s offer of Iran a nuclear umbrella could prevent direct conflict, it also runs the risk of escalating tensions into a world war in the event that Iran is attacked.

The Emerging Powers

According to Aneja, the importance of emerging economies like India and China in making reconciliation and balance in West Asia. He advocated for a shift away from Eurocentric diplomacy toward inclusive processes involving civilizational states. He further called for imaginative solutions within a multipolar world framework to address crises like those in Syria.

Atul Aneja’s insights offer a nuanced understanding of how historical events influence current geopolitical developments. His emphasis on inclusive diplomacy highlights opportunities for emerging powers to play a greater role in shaping global future. During his speech, the veteran journalist aptly stated, “Every crisis has a big opportunity,” signaling hope for constructive engagement amidst ongoing regional transformations.

Read Similar: Syria: Reincarnation or Revision? 

[ The views expressed are solely those of the individual and do not represent the views, policies, or positions of COGGS in any capacity. Pls write to us for event briefs/ article submissions and Impact Paper queries: ayan@thegeoeconomics.com ]

Transition in Syria : COGGS Advisor Explains Regime Change, Russo-Chinese Realignment Read Post »

Trump’s 100 % Tariffs Threat on De-dollarization: What Means for Global South

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In a X-post on December 1, US President-elect Donald Trump issued a stark warning that he would impose 100% tariffs on the BRICS nations—Brazil, Russia, India, China, and South Africa—should they attempt to establish a currency rivaling the U.S. dollar. Trump’s threat to use tariffs as a blunt instrument against economic shifts highlights his longstanding preference for trade protectionism as a tool for economic growth. Throughout his presidency, Trump advocated tariffs as a mechanism to bolster domestic industries, create jobs, and increase government revenue. However, the consequences of such measures, including increased costs for U.S. consumers, have raised questions about their long-term effectiveness. As BRICS nations seek alternatives to the U.S. dollar, the dynamics surrounding dollar dominance are evolving—an issue that warrants a more sophisticated approach than simply retaliatory tariffs.

In a panel discussion convened by COGGS, Ambassador Anil Trigunayat, advisor at COGGS, delivered a penetrating analysis of the currency dynamics redefining the global financial system, highlighting how ongoing international conflicts, notably the war in Ukraine, are driving shifts in global trade patterns and currency preferences, with particular implications for the Global South.

I. The Ripple Effects of Global Conflicts

The COGGS discussion begins with the broader context of international conflict, notably the war in Ukraine. This conflict has catalyzed a series of disruptive economic measures, including the expulsion of Russia from the SWIFT international payment system and the seizure of Russian assets by Western powers. Such actions underscore how global conflicts are increasingly shaping economy, particularly for nations that find themselves sidelined by Western economic sanctions. As countries like Russia, China, and others in the Global South are excluded from established financial networks, they are turning to alternative means of trade and finance.

One of the key consequences of these disruptions is the weaponization of commodities like energy, food, and fertilizer. This development  has disrupted global supply chains and intensified inflationary pressures worldwide. In response, nations are rethinking their reliance on the U.S. dollar, exploring alternatives such as bilateral trade agreements in local currencies. These changes, while incremental, signal a growing willingness to explore alternative financial systems that could reduce vulnerability to external pressures.

II. De-dollarization and the Rise of National Currencies

Central to COGGS’s discussion is the trend of de-dollarization—an ongoing shift away from the U.S. dollar as the dominant medium of global trade. Countries like India, Russia, and China have increasingly turned to their own national currencies in bilateral transactions, reducing reliance on the dollar. For example, India has signed trade agreements with over 20 countries, while Russia and China conduct the bulk of their $200 billion trade in their respective currencies, the ruble and the renminbi. These efforts are not an attempt to replace the dollar outright but to diversify the global financial system and reduce exposure to risks associated with U.S. monetary policy and sanctions.

This trend has accelerated in part due to a desire for greater economic autonomy, especially among nations in the Global South. By trading in their own currencies or using digital currencies, these countries are seeking to insulate themselves from the adverse effects of external economic policies. However, despite this growing momentum, the dollar remains entrenched as the primary global reserve currency, holding between 70-80% of global reserve assets. Any meaningful transition away from dollar dominance will be gradual and will require systemic adjustments on a global scale.

A dollar bill imprisoned in a decorative cage symbolizing financial confinement.

III. Challenges to the Dollar’s Dominance

Although the U.S. dollar remains dominant, the current financial architecture is showing signs of strain. The dollar’s position is not easily challenged, as it is deeply embedded in global trade, finance, and banking systems. The dollar’s dominance, however, is increasingly being questioned by countries that perceive it as a tool of U.S. geopolitical power. For many nations, the reliance on the dollar presents both economic and strategic risks—particularly in light of the volatility introduced by U.S. sanctions and the shifting global balance of power.

Nevertheless, the global shift away from the dollar will not happen overnight. These transitions are more about creating options rather than directly supplanting the dollar. While many Western media outlets frame these efforts as a direct challenge to U.S. hegemony, they are more a reflection of the changing priorities of the Global South, which is seeking greater flexibility and resilience in its trade and financial dealings.

IV. The Global South’s Position

For nations in the Global South, the motivation to reduce reliance on the U.S. dollar stems from a desire for greater economic sovereignty. Over-dependence on the dollar has made these countries vulnerable to the whims of U.S. monetary policy and economic sanctions, which can have disproportionate impacts on smaller economies. In this context, alternatives like national currencies or digital currencies offer a means of mitigating these vulnerabilities.

Global South is not necessarily seeking to isolate itself from the U.S. dollar. Rather, it is looking for a more diversified financial system that provides greater autonomy and reduces the risks associated with a single currency system. The U.S. should reconsider its reliance on punitive measures, such as tariffs, to preserve dollar dominance. Instead, the U.S. might benefit from engaging in a more collaborative dialogue with other nations about how to adapt to the evolving global economic landscape.

V. A New Currency Order?

The global economic system is in a period of flux, with shifting trade relationships and growing efforts to create alternative financial structures. In future, there will be an effective multipolar economic system – where multiple currencies and trade mechanisms will coexist. This shift, however, will be gradual and complex. The U.S. dollar, while no longer as unassailable as it once was, is unlikely to be completely displaced in the near future. Instead, the global financial system will likely evolve to incorporate a more diversified set of tools, where countries have greater freedom to choose their preferred methods of trade and finance.

 

 

The ongoing erosion of dollar dominance is a response not only to geopolitical conflicts but also to the inherent limitations of a financial system that disproportionately benefits certain nations. The transition towards a more diverse economic order will take time and negotiation.  But it’s clear that the world is moving toward a system where the U.S. dollar is no longer the sole arbiter of global finance. Trump’s threat to impose punitive tariffs on BRICS nations is emblematic of the U.S.’s protectionist stance, but it may miss the larger point: the global financial system is undergoing a transformation. As countries seek alternatives to the U.S. dollar, the U.S. must adapt to a changing world order. This process will be neither quick nor straightforward, but the outcome will undoubtedly reshape the global economic order in the years to come.

Trump’s 100 % Tariffs Threat on De-dollarization: What Means for Global South Read Post »

New Era, New Solutions: COGGS Proposes 5 Points at Global Thinkers Dialogue

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In his lecture at the Plenary session of the Second Global South Think Tanks Dialogue in Nanjing, east China’s Jiangsu Province, on November 14th, Mohammed Saqib, Convenor of the Center for Geoeconomics for the Global South (COGGS), eloquently outlined the transformative potential of South-South Cooperation in advancing sustainable development and promoting global equity. He argued that the traditional North-South development paradigm is increasingly obsolete, and that South-South cooperation—defined by collaboration among developing nations—has emerged as a pivotal mechanism for achieving shared prosperity and addressing common challenges.

The second edition of the Think Tanks Dialogue brought together over 200 think tanks from the Global South, culminating in the formation of the Global South Think Tanks Alliance, a platform for exchanging ideas and advancing collective solutions among Global South nations.

In his address, Saqib emphasized the ongoing shift in global geopolitics, underscoring the rise of a multipolar world in which South-South cooperation plays a central role in shaping the future of global development.

He, representing COGGS, proposed five critical areas where the collective efforts of the Global South are urgently required:

I. Reforming the Global Financial System

Mohammed Saqib began by addressing a foundational issue: the global financial system, which was “established in a different era,” is no longer adequate for meeting the needs of today’s multipolar world. He called for urgent reform to make financial structures more inclusive and responsive to the needs of the Global South. As he puts it:

“The global financial system needs reform, as it was established in a different era.”

He highlighted initiatives like the New Development Bank (NDB), the Asian Infrastructure Investment Bank (AIIB), and India’s RuPay card as positive steps forward in this direction. These institutions, which are spearheaded by countries from the Global South, represent an alternative to traditional Western-dominated financial bodies like the IMF and World Bank.

He argued that these efforts are important, but more must be done to “address the challenges faced by developing economies.” Specifically, he called for the creation of innovative financing mechanisms that rethink debt sustainability. This means developing more flexible financial instruments that can better serve the Global South’s needs without burdening countries with unsustainable debt.

“We should create innovative financing mechanisms that rethink debt sustainability and develop flexible instruments to serve the Global South better.”

Such reforms would empower developing nations to access capital on more favorable terms and with more autonomy, creating a financial ecosystem that is not bound by the legacy structures of the past. These reforms, according to him, are critical not only to address immediate financial challenges but also to enable long-term development and stability.

II. Digital Revolution for Development

Mohammed Saqib found immense potential in the ongoing digital revolution as a driver of development. He asserted that technology offers an opportunity for the Global South to “speed up development” and bypass traditional stages of industrialization. By skipping over certain phases of development, such as mass manufacturing or infrastructure-heavy projects, Global South nations can directly embrace new technologies, leapfrogging to more advanced systems.

“The digital revolution offers a great chance to speed up development and skip traditional stages.”

However, he stressed the importance of creating technology transfer platforms that respect intellectual property (IP) rights while also ensuring broad access to technological innovations.

He pointed to the BRICS nations as an example of how such cooperation can lead to inclusive growth. These countries, through collective initiatives, are demonstrating that the benefits of the digital revolution can be equitably distributed. Initiatives like the BRICS Network University, for instance, are providing educational and research opportunities that can accelerate technological development and knowledge sharing across member states.

 

III. Addressing Climate Change 

The convenor of COGGS brought attention to one of the most pressing challenges facing the Global South: climate change. While developing countries contribute far less to global carbon emissions, they are disproportionately affected by its consequences, from rising sea levels to extreme weather events.

“The Global South faces the harshest impacts of climate change despite contributing the least to the problem.”

Here, South-South cooperation can play a crucial role in sharing climate-resilient technologies and solutions. Mohammed Saqib highlighted successful examples of such cooperation, including China’s success in the Kubuqi Desert and India’s International Solar Alliance (ISA). The Kubuqi Desert initiative, where China transformed a barren landscape into a green area using innovative technology, showcases the power of practical solutions to environmental challenges. Meanwhile, the ISA, which includes 124 countries, represents an extraordinary collaborative effort to scale solar energy across the Global South.

He further argued that initiatives for addressing climate issues, along with the sharing of climate-resilient technologies, can help developing countries adapt to the challenges posed by climate change while reducing their carbon footprints.

IV. Healthcare and Knowledge Sharing

While addressing at the dialogue, Mohammed Saqib stressed the importance of healthcare reform and the sharing of medical knowledge.The COVID-19 pandemic revealed the deep vulnerabilities in global healthcare systems, particularly in developing countries. However, it also demonstrated the power of unity and cooperation in addressing global crises.

“The COVID-19 crisis has not only exposed our vulnerabilities but also demonstrated the power of our unity in overcoming challenges.”

South-South cooperation in healthcare, he argued, is critical not only for pandemic response but also for long-term health resilience. By sharing medical technologies, research, and healthcare best practices, Global South nations can build stronger, more responsive health systems that are better equipped to handle future health emergencies. This would also help address the chronic health disparities that exist within and between countries in the Global South.

V. Reforming Global Governance Structures

While addressing the assembly of think-tankers from the Global South nations, Saqib underscored the need for reforming global governance structures to align with the contemporary economic and political realities of a multipolar world. The current international order, according to him, is outdated and fails to reflect the growing influence of the Global South. The existing power dynamics in institutions such as the UN, the IMF, and the World Bank disproportionately favor the Global North, leaving developing countries with limited influence.

“To effectively pursue these objectives, it is important to reform global governance structures so they align with today’s economic and political realities.”

This reform, he suggested, should aim for more equitable representation of the Global South in decision-making bodies. This would involve revising voting rights, increasing participation in key international institutions, and ensuring that the interests of developing countries are better represented in global policy discussions. Only through such reforms, he argued, can the Global South fully contribute to shaping the global order in a way that benefits all nations.

New Era, New Solutions: COGGS Proposes 5 Points at Global Thinkers Dialogue Read Post »

Timeline: How Has BRICS Evolved Over the Years?

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Economist Jim O’Neill sparked a revolution in global economic thought by coining the term “BRIC” in 2001. He foresaw a future where Brazil, Russia, India, and China would rise to prominence and further reshape the global economy. Rich in resources and human capital, these four nations formed BRI to challenge traditional economic powerhouses.  The bloc was established to unite the world’s key developing countries, creating an alternative to the political and economic dominance of wealthier nations in North America and Western Europe.

The journey began with the first BRIC ministerial meeting in 2006, held on the margins of a UN General Assembly session, establishing the groundwork for future cooperation. The leaders of the BRIC countries—Brazil, Russia, India, and China—held their inaugural meeting in St. Petersburg, Russia, during the G8 Outreach Summit in July 2006.  In May 2008, the BRICS foreign ministers convened, signaling the coalition’s growing importance in international diplomacy. This gathering marked the formal beginning of BRIC as a cohesive unit and this emphasized the need for collaboration to address shared economic challenges and seize opportunities.

Momentum increased on 16 June 2009 with the inaugural BRICS summit in Yekaterinburg, Russia. Leaders convened to discuss their economic ambitions and declared their intent to institutionalize their alliance. Prior to this, the first BRICS Academic Forum was held in May 2009 to promote intellectual exchange and collaboration among scholars from member states.

In December 2010, South Africa joined the group, transforming BRIC into BRICS. This expansion symbolized a commitment to inclusivity and recognized the diverse voices within emerging markets, amplifying the perspectives of a wider range of developing nations.

In April 2010, the second BRICS summit was hosted in Brasilia, Brazil, leading to the establishment of the BRICS Inter-Bank Cooperation Mechanism and the first BRICS Business Forum to enhance economic ties among member nations. The inclusion of South Africa that same year further diversified the coalition’s representation.

The third summit took place in Sanya, China, on 14 April 2011, followed by the fourth summit in March 2012, both reinforcing the bloc’s commitment to collaboration. The fifth BRICS summit in Durban, South Africa, in March 2013 was notable for establishing the BRICS Think Tanks Council and the BRICS Business Council, as well as initiating the inaugural BRICS-Africa outreach dialogue to strengthen ties with African nations.

In July 2014, the sixth BRICS summit in Brasilia led to the establishment of the New Development Bank, aimed at financing infrastructure projects and promoting sustainable development. The seventh summit in Ufa, Russia, in July 2015 focused on innovation with the launch of the BRICS Science, Technology, and Innovation (STI) Framework Programme.

 

Subsequent summits continued to build on this agenda, with the eighth in Benaulim, India, in October 2016, and the ninth in Xiamen, China, in September 2017. The tenth summit in Johannesburg, South Africa, in July 2018, and the eleventh summit in Brasilia in November 2019 further advanced the group’s objectives.

In July 2020, the BRICS Women’s Business Alliance was launched, highlighting the importance of gender equality and women’s participation in economic activities. The twelfth summit, held virtually in November 2020, adapted to the challenges posed by the COVID-19 pandemic, followed by the thirteenth summit, also virtual, in September 2021.

In March 2022, the virtual BRICS Vaccine Research and Development Center was launched, showcasing the bloc’s commitment to global health issues. The fourteenth BRICS summit convened in June 2022, setting the stage for further collaboration.

The fifteenth BRICS summit took place in August 2023 in Johannesburg, South Africa, where significant developments occurred, including the addition of Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia as new members. This reflected the growing influence and interest in BRICS as a platform for international cooperation. The upcoming sixteenth BRICS summit is scheduled for 22-24 October 2024 in Kazan, Russia, marking another important chapter in the coalition’s ongoing evolution and its role in the changing world order. The summit is set to come up with a declaration and some announcements on payment, currency and banking systems. This initiative could pave the way for enhanced economic collaboration and greater financial autonomy among member nations.

 

Read More: Kazan Convergence: BRICS+ and Quest for a Fairer World Order – COGGS

 

Timeline: How Has BRICS Evolved Over the Years? Read Post »

Global South’s Impact on Peace and Equity: Under-Secretary-General Erik Solheim’s Insights

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Erik Solheim, former Under-Secretary-General of the United Nations and Co-Chair of the Europe-Asia Center, highlighted the significant role of the Global South in promoting a more peaceful and equitable world
amid historical Western dominance. He made the comment, while delivered a significant address at
the Global South Think Tank Forum in Beijing, organized by Chinese broadcaster CGTN.

Solheim began by reflecting on the last two centuries, a period dominated by Western powers, particularly European colonial forces and the United States, which wielded considerable influence over global affairs. While acknowledging the advancements in science and industry during this era, he emphasized the accompanying social injustices, including racism and colonial oppression.

Solheim is a diplomat and former Politician, served in the Norwegian government from 2005 to 2012 as Minister of International Development and Minister of the Environment. He was  Under-Secretary-General of the United Nations and Executive Director of the United Nations Environment Programme from 2016 to 2018.

The central theme of Solheim’s remarks was the emergence of the Global South, particularly nations like China and India, which he characterized as key players in this transformative phase.

He described this rise as a “positive development” that promises a fairer and more sustainable world,
contrasting the Global South’s focus on sustainability and inclusive prosperity with the historical practices of Western powers.  In concluding his remarks, Solheim expressed optimism for the 21st century, envisioning it as a time of increased peace and prosperity. He pointed to regions in Asia where large populations coexist without conflict as models of this promise.

Solheim highlighted the peaceful nature of major Global South countries, a few key points:

China has not engaged in military conflict for the past 45 years.
India has only been involved in conflict with neighboring Pakistan since its independence.
Other Global South nations, such as Indonesia, Brazil, South Africa, and Nigeria, have refrained from military aggression against other countries.

This emphasis on non-aggression suggests that the Global South is poised to play a commendable role in promoting global peace, which Solheim identifies as a crucial asset in the evolving geo-politics. Solheim proposed the creation of a multipolar world where diverse nations coexist and collaborate. He articulated a vision in which:

The United States, China, India, and Europe all play significant roles in global governance.
It is essential to acknowledge the unique political systems of each nation; he asserted that the U.S. will not adopt the Chinese political model, nor will China adopt the American one.

Principles of Respect and Dialogue

To facilitate cooperation in this new multipolar context, Solheim emphasized two foundational principles:

Respect: Mutual respect among nations is essential for fostering collaboration on prosperity, environmental sustainability, and peace.

Dialogue: Open communication is crucial for addressing differences, particularly regarding contentious issues such as conflicts in Ukraine and Gaza, as well as economic and environmental policies. The former Under Secretary argued that constructive dialogue can lead to resolutions and understanding, positioning these principles as necessary for a stable global order.

 

Global South’s Impact on Peace and Equity: Under-Secretary-General Erik Solheim’s Insights Read Post »

COGGS Convenor Proposes Strategic Leadership for BRICS at Moscow Forum

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While speaking at BRICS Seminar on Governance & Cultural Exchange Forum in Moscow on September 23, Mohammed Saqib, Convenor of COGGS offered a pointed evaluation of the BRICS coalition, stressing both its prospects and its current shortcomings. While he recognized the establishment of the New Development Bank as a remarkable achievement, Economist Saqib contended that the organization has fallen short in realizing its goal of making collaborative economic models among its member states: Brazil, Russia, India, China, and South Africa. He underscored the lack of a unified vision in the BRICS that rises above domestic political interests.

Mohammed Saqib, Convenor of COGGS

Private Sector-Global South Engagement & BRICS Business Club

Saqib stressed the importance of engaging private entrepreneurs from the Global South, arguing for the formation of an elite BRICS Business Club. He suggested that such a group could provide critical insights to governments and help forge a path toward accountability and achievable targets.

Furthermore, he advocated for practical measures like currency swaps among BRICS nations to address trade deficits, arguing that this could alleviate dependency on established financial systems like SWIFT.

Saqib concluded with a hopeful perspective, asserting that the Global South is on the verge of a new economic order. He positioned China as a key player that must overcome its cautiousness to catalyze this shift.

He underscored the critical juncture at which BRICS finds itself, as well as the potential consequences of inaction in the face of external pressures, particularly from the United States.

“If we allow swapping of currency, then 86 % of the trade deficit among each other can be sorted out within Global South. We don’t need to go to any either SWIFT or any other system,” Mohammed Saqib remarked.

Each BRICS Member Should Guide Global South

Saqib outlined a vision where each BRICS member nation could take on specific leadership roles in various sectors. For instance, he proposed that India and Russia should spearhead efforts in education and development, showcasing their achievements at the end of the year. Similarly, he argued that Brazil could lead initiatives focused on agriculture and food security, with South Africa playing a pivotal role in environmental protection.

Furthermore, he noted that while India and Russia could jointly host educational initiatives, Russia could also assume a leadership position in energy security for the Global South.

“So similarly, for all the five countries and plus eleven countries, we have worked out a table of what kind we should be the combination of the partners, a main leader, a co-leader, and some kind of performance they will have to show. That is not happening, and BRICS is not performing,” he asserted, while speaking at the seminar in Moscow.

COGGS Convenor Proposes Strategic Leadership for BRICS at Moscow Forum Read Post »

IMF Veteran Proposes Currency Solutions to Decrease Dollar Dependence

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Ayanangsha Maitra, COGGS

Brazilian Economist Paulo Nogueira Batista, former Vice President of New Development
Bank (NDB) and former Executive Director for Brazil (as well as some other countries) of the International Monetary Fund (IMF), asserts that moving away from the dollar necessitates a feasible alternative reserve currency. “The dollar, euro, and Western payment systems have been grossly misused as political and economic tools. Furthermore, the fiscal and financial vulnerabilities of the US economy raise serious questions about the viability of relying on the dollar as the dominant international reserve currency,” Batista stated during the BRICS Seminar on Governance & Cultural Exchange Forum 2024 in Moscow on September 23, 2024.

“BRICS will disappoint the Global South if they remain focused on slogans and speeches without executing groundbreaking practical initiatives,”- Paulo Nogueira Batista.

Prescribing Ways for Easier Currency Trade

He emphasizes that without an alternative currency, countries will struggle with managing trade surpluses and deficits. Citing Russia’s trade surplus with India, he explained that while Russia accumulates significant rupees from bilateral trade, it may not want to hold them long-term due to concerns over convertibility and stability. He suggested that Russia could:

Invest in India: Use the rupees to invest in Indian businesses or assets.
Increase imports: Purchase more Indian goods and services to alleviate the rupee surplus.
Trade with third countries: Utilize the rupees to engage in trade with nations seeking Indian currency.
“The challenges faced by BRICS nations today are much greater than when the group was established in 2008. The global environment has become significantly more hostile and perilous,” Batista noted.

New Reserve Currency: Reducing Dollar Dependence

He proposed New Reserve Currency (NRC a name for example) aims to function alongside existing national currencies as a parallel digital currency for international transactions. It will be overseen by the New Reserve Monetary Authority (NRMA), which will issue NRCs and new reserve bonds (NRBs) supported by the treasuries of member countries. Initially, an SDR-like unit of account could be established, reflecting the GDP contributions of participating nations.

“The NRC would not have a physical existence in theform of paper money, coins, and demand deposits in
commercial banks. It would be a digital currency, analogous to the CBDCs (central bank digital currencies)
that have been or are being created in a number of countries,” Batista opined.

The Economist further identifies BRICS—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE—as potential key players in the process of making an alternative of dollar. These nations could create alternative payment systems and engage in trade using their national currencies, thereby reducing reliance on the US dollar.

However, to avoid disillusioning the Global South, BRICS must move beyond mere rhetoric and implement tangible initiatives that showcase their dedication to collaboration and innovation.

“BRICS will disappoint the Global South if they remain focused on slogans and speeches without executing groundbreaking practical initiatives,” he cautioned.

IMF Veteran Proposes Currency Solutions to Decrease Dollar Dependence Read Post »

The UN’s Summit and Pact For the Future

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Flags of Countries in front of the United Nations Office at GenevaIn a bold move, the world leaders at the Summit of the Future on 22 September 2024 rolled out a groundbreaking Pact for the Future, complete with a Global Digital Compact and a Declaration on Future Generations. Dubbed the most comprehensive international agreement in years, this Pact looks at fresh areas while tackling issues that have been stuck in limbo for decades. It’s like giving an old car a turbocharged engine—this is all about making sure international institutions can keep up in a world that’s flipped upside down since their inception. As the Secretary-General wisely pointed out, “we cannot create a future fit for our grandchildren with a system built by our grandparents.”

Pact for the Future: What It Reads? 

Member States reaffirmed their commitment to accelerate the implementation of the 2030 Agenda and the 2023 SDG Summit Political Declaration through urgent and scaled-up actions, policies, and investments aimed at eradicating poverty and hunger, ensuring that no one is left behind. The Pact also highlights the importance of considering how to advance sustainable development beyond 2030.  Global leaders agreed to significantly enhance financing for the SDGs and close the SDG financing gap, which includes establishing an SDG Stimulus, meeting official development assistance targets, attracting private sector investment, mobilizing domestic resources, fostering inclusive and effective international tax cooperation, and exploring a global minimum tax rate for high-net-worth individuals.  Regarding climate change, the Pact emphasized the necessity of limiting global temperature rise to 1.5°C above pre-industrial levels, transitioning energy systems away from fossil fuels to achieve net-zero emissions by 2050, and promoting disaster risk-informed approaches to sustainable development.

Reform of the Security Council: The summit marks the most progressive and concrete commitment to Security Council reform since the 1960s. This initiative aims to enhance the effectiveness and representativeness of the Council, particularly by addressing the historical under-representation of Africa.

Nuclear Disarmament Recommitment: The summit represents the first multilateral recommitment to nuclear disarmament in over a decade, clearly affirming the goal of eliminating nuclear weapons entirely.

For the Youth

The Summit of the Future introduced the historic Declaration on Future Generations, outlining concrete steps to incorporate the needs and perspectives of future generations into decision-making, including the potential establishment of an envoy for future generations, while also committing to creating more meaningful opportunities for young people to actively participate in shaping the decisions that impact their lives on a global scale.

The summit gathered over 4,000 participants, including Heads of State and Government, observers, intergovernmental organizations, the UN System, civil society, and non-governmental organizations. In a concerted effort to amplify the voices of diverse actors, the formal Summit was preceded by the Action Days held on September 20-21, which drew more than 7,000 individuals from all walks of life. These Action Days showcased robust commitments to meaningful action from all stakeholders, culminating in pledges totaling USD 1.05 billion to promote digital inclusion.

The UN’s Summit of the Future concluded amid a backdrop of growing frustration regarding global representation and decision-making. The resulting document includes commitments to address historical injustices, particularly concerning Africa, and to enhance representation for regions such as Asia Pacific and Latin America and the Caribbean. Additionally, it emphasizes the need to reform the international financial architecture, improve responses to global shocks, and foster cooperation in outer space exploration while preventing an arms race.

The UN’s Summit and Pact For the Future Read Post »

Global South Must Unite to Tackle Climate Change, Terrorism, AI, and Pandemics: Yemeni Activist

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Speaking at the Yerevan Dialogue, Nada Al-Hajjri , President of the Yemen Information Centre, shared vital insights on the collaborative potential of the Global South in tackling pressing global challenges. She highlighted that challenges like climate change, counter-terrorism, artificial intelligence, and pandemics require collective efforts, as no single nation can address them effectively on its own.

“When we talk about reform of multilateral institutions often times it’s the West pitted against the rest and it’s couldn’t be further away from the truth it is reform of multilateral Institutions is not about only countries around the world having representation. it’s about the massive dysfunction that is taking place in these institutions that are no longer being effective and the work that they’re doing,”- NADA AL-HAJJRI

Al-Hajjri called for a shift in how we view global relations, criticizing the simplistic divide between the Global South and Global North.  Addressing at the dialogue, she argued that framing the reform of these institutions as a conflict between the West and the rest obscures the real issues—namely, the dysfunction of these institutions, which often fail to meet contemporary global needs. Instead of seeking mere representation, Al-Hajjri emphasized the importance of ensuring that these institutions remain relevant and effective.

“When we talk about reform of multilateral Institutions often times it’s the West pitted against the rest and it’s couldn’t be further away from the truth it is reform of multilateral Institutions is not about only countries around the world having representation. it’s about the massive dysfunction that is taking place in these institutions that are no longer being effective and the work that they’re doing,” she commented.

She commended India’s approach to advocating for reform, which focuses on constructive engagement with Western nations.  “We need to advocate for reform while continuing to engage with Western countries,” Al-Hajjri asserted, highlighting that cooperation is essential for progress.

Al-Hajjri’s remarks serve as a powerful reminder of the Global South’s ability to unite in addressing common challenges.

The Significance of Global South Alliances 

The formation of alliances within the Global South is increasingly seen as a significant statement of intent rather than merely a strategic maneuver. These emerging blocs reflect a collective desire for inclusion in major multilateral institutions and access to the economic prosperity that defines the global landscape. However, many countries in the Global South encounter significant barriers that hinder their integration into existing systems.

Recent discussions emphasize the appeal of these alternative blocs in amplifying the voices of historically marginalized countries. Nations are increasingly drawn to these alliances as a means of expanding their influence and asserting their agency on the global stage. While forming distinct blocs can complicate international relations—since it’s impractical to create a bloc for every issue—it nonetheless represents a necessary response to feelings of exclusion from mainstream institutions.

The BRICS formation serves as a key example. Opinions on its effectiveness vary, with some viewing it as a challenge to the Western-led world order, while others question its practical utility. Nevertheless, BRICS signals that the Global South’s voices are not being adequately heard, prompting a desire for better integration into the global system.

The increasing interest from various nations in joining BRICS underscores this sentiment. Each year, more countries express their desire to participate, highlighting an ongoing call for recognition within global governance frameworks. This trend illustrates that the Global South is not simply reacting to exclusion; it is actively asserting its position in the international arena.

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