The Voice of Global South Summit

The second Voice of Global South Summit (VOGSS), held virtually with participation from about 130 countries, focused on a shared commitment to avoiding situations where development initiatives lead to a debt trap.

Concerns over Debt Traps

The summit, without explicitly naming China, made veiled references to the Belt and Road Initiative (BRI) and its observed impact on causing debt traps in multiple countries. There was a unanimous call for more sustainable and viable development financing to navigate the economic challenges posed by global uncertainties.

Debt Burden in Focus

Foreign Secretary Vinay Kwatra highlighted the prevalent concern over the debt burden in various sessions, emphasizing that development projects should not impose a structural debt burden on the economy. The need for sustainable financing resonated across leaders’, finance, and foreign ministers’ sessions.

Decisions and Agreements

The summit witnessed emerging economies like Kenya, Nepal, and Brazil, among others, reaching agreements in ten sessions covering foreign policy, finance, trade, energy, and more. Decisions included shaping the future of the ‘Global South’ through cooperation, reducing East-West development dichotomy, people-centric development finance, commitment to sustainable development, and climate action.

Minister-Level Sessions

Eight minister-level sessions covered topics such as foreign policy, finance, and trade. Discussions highlighted the need for resilient and inclusive global value chains, strengthened multilateral development banks, and addressing financing gaps to avoid a sustainable development gap.

Shared Commitment to Inclusion

The summit concluded with a shared commitment to the Global South speaking more forcefully on global challenges, seeking cooperative solutions, and avoiding confrontation in addressing shared issues.

Month: Current Affairs - November, 2023

Category: Important Days & Events Current Affairs • Summits and Conferences