🌏 Within the economic framework of the Global South the two key drivers of global growth, namely China and India, could deliver significantly stronger growth impulses for the developing world in case they were to espouse closer economic ties.
In some ways the economic cooperation between the two main economic powers of the developing world could be assessed against the backdrop of the trans-Atlantic cooperation between the US and the EU among the advanced economies. This trans-Atlantic partnership has served as the backbone for growth and innovation among the advanced economies in the preceding decades. In this respect, a closer economic partnership between India and China would redound significantly to development areas such as Eurasian connectivity, the growth in the regional partners of the two countries, greater scope for joint innovation projects and the launching of South-South platforms in the financial sector.
A common platform for economic cooperation across the Global South opens the possibility for the world economy to lower global imbalances via creating a “no core – no periphery” mode of cooperation, writes Valdai Club Programme Director Yaroslav Lissovolik.
https://valdaiclub.com/a/highlights/the-growth-engines-of-the-global-south/
#Corporations_and_Economy #worldeconomy #GlobalSouth #China #India
@valdai_club — The Valdai Discussion Club
In some ways the economic cooperation between the two main economic powers of the developing world could be assessed against the backdrop of the trans-Atlantic cooperation between the US and the EU among the advanced economies. This trans-Atlantic partnership has served as the backbone for growth and innovation among the advanced economies in the preceding decades. In this respect, a closer economic partnership between India and China would redound significantly to development areas such as Eurasian connectivity, the growth in the regional partners of the two countries, greater scope for joint innovation projects and the launching of South-South platforms in the financial sector.
A common platform for economic cooperation across the Global South opens the possibility for the world economy to lower global imbalances via creating a “no core – no periphery” mode of cooperation, writes Valdai Club Programme Director Yaroslav Lissovolik.
https://valdaiclub.com/a/highlights/the-growth-engines-of-the-global-south/
#Corporations_and_Economy #worldeconomy #GlobalSouth #China #India
@valdai_club — The Valdai Discussion Club
Valdai Club
The Growth Engines of the Global South
A common platform for economic cooperation across the Global South opens the possibility for the world economy to lower global imbalances via creating a “no core – no periphery” mode of cooperation. It could serve to close the gaps and “blind spots” in the…
🌍🌎 Today the evolution of the platforms of the Global South is at a crucial juncture.
Еhroughout the past several years significant steps have been undertaken by developing nations to build pan-continental integration platforms – in Africa it was the creation of the African Continental Free Trade Area (AfCFTA), while in Eurasia the expansion of SCO membership was accompanied by the creation of RCEP.
The next stage in this process would be to link up all of the pan-continental platforms in Eurasia, Africa and Latin America into one common platform that would cover the bulk of the developing world with important implications for the future evolution in global governance.
On the other hand, the issue of the BRICS expansion that emerged in May 2022 suggests that rather than the aggregation of regional integration groups of the Global South under the banner of BRICS+ a different track is entertained by China and its BRICS partners that targets increasing the membership of the core of the Global South.
Hence, the current dilemma of the Global South is the following: to prioritize the expansion in the core, or to place the emphasis on creating a horizontal network of regional alliances, writes Yaroslav Lissovolik, Programme Director of the Valdai Discussion Club.
#Valdai_WorldEconomy #GlobalSouth
@valdai_club
Еhroughout the past several years significant steps have been undertaken by developing nations to build pan-continental integration platforms – in Africa it was the creation of the African Continental Free Trade Area (AfCFTA), while in Eurasia the expansion of SCO membership was accompanied by the creation of RCEP.
The next stage in this process would be to link up all of the pan-continental platforms in Eurasia, Africa and Latin America into one common platform that would cover the bulk of the developing world with important implications for the future evolution in global governance.
On the other hand, the issue of the BRICS expansion that emerged in May 2022 suggests that rather than the aggregation of regional integration groups of the Global South under the banner of BRICS+ a different track is entertained by China and its BRICS partners that targets increasing the membership of the core of the Global South.
Hence, the current dilemma of the Global South is the following: to prioritize the expansion in the core, or to place the emphasis on creating a horizontal network of regional alliances, writes Yaroslav Lissovolik, Programme Director of the Valdai Discussion Club.
#Valdai_WorldEconomy #GlobalSouth
@valdai_club
Valdai Club
The Dilemmas of the Global South
As new trade barriers and restrictions are emanating from the advanced economies there is a stronger case for the affected emerging economies to compensate these adverse effects via greater openness of markets across the Global South.
🌏 The only real way to expedite the construction of Grand Eurasia is via the “integration of integrations” scenario.
It may involve the aggregation of Eurasia’s leading regional integration arrangements (and their developing institutions) represented by developing economies.
Such a platform of developing economies across the expanse of Eurasia can bring together such regional arrangements as:
➖ South Asian Association for regional Cooperation (SAARC)
➖ ASEAN, Gulf Cooperation Council (GCC)
➖ Eurasian Economic Union (EAEU)
➖ The Shanghai Cooperation Organization (SCO)
In the case of SCO there may be the possibility to resort to an extended SCO+ format which would involve the addition to SCO of those Eurasian economies that are outside of the main regional integration arrangements.
The resulting SAGES platform may represent the main assembly line for economic cooperation among the Eurasian developing economies that is based on the mechanism of “integration of integrations”.
In case a comprehensive pan-Eurasian platform for developing economies were to be formed this would open the gateway to the completion of the assembly of platforms that span the entire expanse of the Global South, writes Valdai Club Programme Director Yaroslav Lissovolik.
#Valdai_WorldEconomy #GrandEurasia #GlobalSouth
@valdai_club
It may involve the aggregation of Eurasia’s leading regional integration arrangements (and their developing institutions) represented by developing economies.
Such a platform of developing economies across the expanse of Eurasia can bring together such regional arrangements as:
➖ South Asian Association for regional Cooperation (SAARC)
➖ ASEAN, Gulf Cooperation Council (GCC)
➖ Eurasian Economic Union (EAEU)
➖ The Shanghai Cooperation Organization (SCO)
In the case of SCO there may be the possibility to resort to an extended SCO+ format which would involve the addition to SCO of those Eurasian economies that are outside of the main regional integration arrangements.
The resulting SAGES platform may represent the main assembly line for economic cooperation among the Eurasian developing economies that is based on the mechanism of “integration of integrations”.
In case a comprehensive pan-Eurasian platform for developing economies were to be formed this would open the gateway to the completion of the assembly of platforms that span the entire expanse of the Global South, writes Valdai Club Programme Director Yaroslav Lissovolik.
#Valdai_WorldEconomy #GrandEurasia #GlobalSouth
@valdai_club
Valdai Club
The Assembly Lines of Grand Eurasia
There are multiple possible trajectories for the assembly process of the Grand Eurasia — the most attractive appears to be the “integration of integrations” track as it appears to be more expeditious and inclusive, writes Valdai Club Programme Director Yaroslav…
🌏🌎 The BRICS+ summit and the foreign ministers’ BRICS+ meeting in 2022 brought together developing economies that represented regional blocs such as the African Union, CELAC, SCO, GCC and ASEAN.
This in effect was the widest outreach exercise covering the vast majority of the Global South and representing a platform that could prove instrumental in advancing greater economic openness across the developing world.
The key factor that renders the creation of a South-South FTA feasible and in fact expedient is the high degree of undertrading along the “South-South” axis compared to the potential based on distance and respective country GDP levels (indications of the gravity model). Another factor is the “integration gap” — namely the significantly lower scale and quality of integration in the developing world compared to the advanced economies.
The South-South FTA could serve to bridge this gap and foster “catch-up integration” or “integration convergence” vis-à-vis the developed world, writes Yaroslav Lissovolik, Programme Director of the Valdai Discussion Club.
#Valdai_WorldEconomy #BRICS #GlobalSouth
@valdai_club
This in effect was the widest outreach exercise covering the vast majority of the Global South and representing a platform that could prove instrumental in advancing greater economic openness across the developing world.
The key factor that renders the creation of a South-South FTA feasible and in fact expedient is the high degree of undertrading along the “South-South” axis compared to the potential based on distance and respective country GDP levels (indications of the gravity model). Another factor is the “integration gap” — namely the significantly lower scale and quality of integration in the developing world compared to the advanced economies.
The South-South FTA could serve to bridge this gap and foster “catch-up integration” or “integration convergence” vis-à-vis the developed world, writes Yaroslav Lissovolik, Programme Director of the Valdai Discussion Club.
#Valdai_WorldEconomy #BRICS #GlobalSouth
@valdai_club
Valdai Club
Towards a Free Trade Area for the Global South
The expanded format of the BRICS+ dialogue conducted by China in June 2022 as well as the rising number of large developing economies expressing willingness to join the BRICS core grouping sets the scene for more ambitious steps directed at strengthening…
🇷🇺🌍 African countries and those in the global South have also come under greater diplomatic pressure from their European and US counterparts.
It is something that became a subject of discussion during US Secretary of State Antony Blinken’s recent visit to South Africa, where Minister of International Relations Dr. Naledi Pandor expressed South Africa’s reservations regarding a US law that seeks to punish countries seen as having close relations with Russia.
In a changing geopolitical environment, African countries and those of the global South seeking to maintain cooperation with Russia will thus need to factor in these dynamics, which have been introduced to undermine relations in a similar manner that China’s engagement with Africa and the global South has been viewed with scepticism by counterparts in the West.
In order to achieve their development goals, African countries will largely seek to not get drawn into taking positions that may backfire against their strategic interests. They will thus seek to work with all external actors wanting to forge ties with the continent, and Russia and its African partners will need to build on their comparative advantages.
As an agricultural power, Russia could identify opportunities to boost Africa’s own production and enhance its food security. This would position Russia as a strategic partner in the pursuit of Africa’s green revolution and efforts to build a greater degree of resilience on the continent, writes Philani Mthembu, Executive Director at the Institute for Global Dialogue, South Africa, for the 19th Annual Meeting of the Valdai Discussion Club.
https://valdaiclub.com/a/highlights/russia-africa-and-the-global-south-enhancing/
#VALDAI2022 #Africa #GlobalSouth
@valdai_club
It is something that became a subject of discussion during US Secretary of State Antony Blinken’s recent visit to South Africa, where Minister of International Relations Dr. Naledi Pandor expressed South Africa’s reservations regarding a US law that seeks to punish countries seen as having close relations with Russia.
In a changing geopolitical environment, African countries and those of the global South seeking to maintain cooperation with Russia will thus need to factor in these dynamics, which have been introduced to undermine relations in a similar manner that China’s engagement with Africa and the global South has been viewed with scepticism by counterparts in the West.
In order to achieve their development goals, African countries will largely seek to not get drawn into taking positions that may backfire against their strategic interests. They will thus seek to work with all external actors wanting to forge ties with the continent, and Russia and its African partners will need to build on their comparative advantages.
As an agricultural power, Russia could identify opportunities to boost Africa’s own production and enhance its food security. This would position Russia as a strategic partner in the pursuit of Africa’s green revolution and efforts to build a greater degree of resilience on the continent, writes Philani Mthembu, Executive Director at the Institute for Global Dialogue, South Africa, for the 19th Annual Meeting of the Valdai Discussion Club.
https://valdaiclub.com/a/highlights/russia-africa-and-the-global-south-enhancing/
#VALDAI2022 #Africa #GlobalSouth
@valdai_club
Valdai Club
Russia, Africa, and the Global South: Enhancing Cooperation Amid Changing Geopolitical Dynamics
Besides not having a comparable presence such as key European countries and the US since the fall of the Soviet Union, Russia continues to be valued as a partner in many African countries. These countries are often not in a position to choose their external…
🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 The XV BRICS Summit in Johannesburg held in August of this year sparked a wide range of expectations regarding its growing weight in the international system.
The Summit’s agenda foresaw two prominent issues to address.
🔹 On one hand, particularly due to movements in favour of using national currencies in trade and financial exchanges among group members and other nations of the Global South, the creation of a common currency to replace the U. S. dollar as the dominant currency appeared as key issues to be addressed.
🔹 On the other hand, the expansion of the bloc to a broader platform, taking into account the numerous requests for entry from countries in the Global South.
The geographical balance of the new additions to BRICS clearly illustrates this intention. However, just like the original group and the currently expanded BRICS+, they present heterogeneities and asymmetries that will likely pose challenges in the future for consensus-building, Andrés Serbin writes.
https://valdaiclub.com/a/highlights/brics-political-and-geopolitical-challenges-a-view/
#EconomicStatecraft #BRICS #BRICS2023 #GlobalSouth #LatinAmerica #Argentina
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The Summit’s agenda foresaw two prominent issues to address.
🔹 On one hand, particularly due to movements in favour of using national currencies in trade and financial exchanges among group members and other nations of the Global South, the creation of a common currency to replace the U. S. dollar as the dominant currency appeared as key issues to be addressed.
🔹 On the other hand, the expansion of the bloc to a broader platform, taking into account the numerous requests for entry from countries in the Global South.
The geographical balance of the new additions to BRICS clearly illustrates this intention. However, just like the original group and the currently expanded BRICS+, they present heterogeneities and asymmetries that will likely pose challenges in the future for consensus-building, Andrés Serbin writes.
https://valdaiclub.com/a/highlights/brics-political-and-geopolitical-challenges-a-view/
#EconomicStatecraft #BRICS #BRICS2023 #GlobalSouth #LatinAmerica #Argentina
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Valdai Club
BRICS Political and Geopolitical Challenges: A View from the South
It is necessary to take into account Argentina's persistent interest in pursuing a relationship with the BRICS, which has been going through governments of different political persuasions since 2014. It also has a series of questions that will hopefully reveal…
🇵🇸 The recent crisis in Gaza was totally unexpected and confusing to the entire world, which was not prepared for the greater magnitude of escalation in the strategic region.
The impact of the conflict was more severe for North African countries, as they are already experiencing worsening economic and political crises. The region is struggling, with instability in Libya and chronic tension between Algeria and Morocco. Egypt has suddenly found itself facing a war on its borders, as it neighbours the two sides of the crisis, the Gaza Strip and Israel.
There is an urgent need for serious and active move from all countries to stop the war. The risks of a widening war are increasing. The burning fire must be extinguished before it turns into a regional or international war, a worst-case scenario that nobody wants to see happen, writes Nourhan ElSheikh.
https://valdaiclub.com/a/highlights/north-african-countries-and-the-palestinian-crisis/
#ModernDiplomacy #Palestine #GlobalSouth
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The impact of the conflict was more severe for North African countries, as they are already experiencing worsening economic and political crises. The region is struggling, with instability in Libya and chronic tension between Algeria and Morocco. Egypt has suddenly found itself facing a war on its borders, as it neighbours the two sides of the crisis, the Gaza Strip and Israel.
There is an urgent need for serious and active move from all countries to stop the war. The risks of a widening war are increasing. The burning fire must be extinguished before it turns into a regional or international war, a worst-case scenario that nobody wants to see happen, writes Nourhan ElSheikh.
https://valdaiclub.com/a/highlights/north-african-countries-and-the-palestinian-crisis/
#ModernDiplomacy #Palestine #GlobalSouth
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Valdai Club
North African Countries and the Palestinian Crisis: A New Circle of Escalation
There is an urgent need for serious and active move from all countries to stop the war. The risks of a widening war are increasing. The burning fire must be extinguished before it turns into a regional or international war, a worst-case scenario that nobody…