Page 14 - Echoes of the Global South V2

to align with the geopolitical interests of these powerful states. On the other hand, emerging economies in the Global
South are increasingly developing their own geoeconomic strategies to enhance their autonomy, secure strategic
resources, and foster regional integration. For instance, India’s increasing role in South-South cooperation and its
leadership in initiatives like the International Solar Alliance demonstrates how Global South countries can leverage
their economic capabilities to achieve strategic goals. 25

The shift towards a multipolar world allows the Global South to renegotiate its position within the global economic
order. The emergence of multiple power centres allows these countries to align with different partners and blocs,
depending on their specific economic and geopolitical interests. The Global South can leverage these new alliances
for more equitable trade, investment, and development financing terms. Moreover, the multipolar shift also means
that countries in the Global South will increasingly look towards each other for cooperation in areas such as trade,
technology, and sustainable development. The first “Voice of Global South Summit” hosted by India in 2023 and its
subsequent editions have emphasised the need for unity of voice and purpose among developing countries to tackle
26
common challenges such as food and fuel prices and fertiliser crises. Given the limitations of existing multilateral
institutions, the Global South may advocate for reforms that better reflect their interests and realities.

Among the Global South countries, while the BRICS-plus have emerged as significant players in promoting South-
South cooperation and alternative financing for development, differences among its members, particularly between
China and India, present potential challenges. These divergences in strategic priorities and financing approaches may
lead to competing visions among development cooperation partners, potentially complicating unified efforts to finance
SDG goals in the Global South. For the broader Global South, these differences could mean varying development
options but might also risk creating parallel systems rather than cohesive, multilateral support frameworks. If not
managed constructively, such divergences might dilute BRICS’ collective bargaining power on global platforms,
limiting its ability to shape a coherent agenda for Global South financing needs.

Understanding these subtle evolutions in the global geoeconomic landscape is, therefore, crucial for policymakers in
the Global South as they navigate the complexities of a multipolar world. Moreover, as these countries continue to
rise in economic and geopolitical significance, their ability to deploy geoeconomic strategies effectively will be crucial
in shaping their future and that of the rest of the world.

25. Shubha Chacko, “India’s trysts with South-South Cooperation”, Heinrich Boll Stiftung, November 30, 2022, https://in.boell.org/en/2022/11/30/indias-trysts-
south-south-cooperation
26. “Voice of Global South Summit 2023”, Ministry of External Affairs, Government of India, https://www.mea.gov.in/voice-of-global-summit.
htm#:~:text=India%20hosted%20a%20special%20virtual%20Summit%2C%20called%20the,voice%2C%20Unity%20of%20purpose%E2%80%99%20
from%20January%2012-13%2C%202023.

14 ECHOES OF THE GLOBAL SOUTH