Global South Must Unite to Combat Rising Trade Uncertainty: Piyush Goyal
New Delhi, June 10: Union Minister Piyush Goyal has urged developing nations to unite against growing global trade instability. Speaking at the G20 Trade Ministers’ Meeting in Brazil, he emphasized collaborative action for fair trade, resilient supply chains, and inclusive growth amid economic volatility.
Why Global Trade Uncertainty Threatens the Global South
Geopolitical conflicts, supply chain disruptions, and protectionist policies are disproportionately impacting emerging economies. The WTO predicts sluggish 2024 trade growth, with developing nations facing inflation and restricted market access. Goyal warned that the Global South—including Africa, Latin America, and Asia—must actively shape trade policies rather than remain passive.
3 Reasons the Global South Must Stand Together
- Stronger Negotiating Power – Unified, developing nations can demand fairer WTO terms, better dispute resolution, and greater representation.
- Reduced Reliance on Western Markets – Boosting intra-Global South trade (e.g., India-Africa agreements) reduces dependency on volatile traditional markets.
- Sustainable Growth – Joint investments in green tech, digital trade, and infrastructure can bridge gaps and enhance resilience.
India’s Leadership in Global South Solidarity
India has championed Global South collaboration through initiatives like:
– Voice of Global South Summit
– India-Middle East-Europe Economic Corridor (IMEC)
– G20 Advocacy for food security and digital infrastructure.
Goyal highlighted Africa’s untapped potential and called for its greater integration into global trade.
Challenges and the Path Forward
Differences in priorities and political instability may slow cooperation, but Goyal proposed solutions:
– Expanding regional blocs like AfCFTA
– Creating a Global South Trade & Technology Council
– Structured dialogues and joint tech-sharing agreements
Conclusion
Piyush Goyal’s call to action is critical as trade uncertainties rise. By uniting, the Global South can shift from rule-takers to rule-makers—with India leading the charge.
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