🌏 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

🌍🌎 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

🌏 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