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Piyush Goyal Calls For Adopting Framework For Making Global Value Chains Resilient, Inclusive

05:44 PM Nov 17, 2023 IST | 8PM News Desk
piyush goyal calls for adopting framework for making global value chains resilient  inclusive
Piyush Goyal calls for adopting framework for making global value chains resilient, inclusive

New Delhi [India]: Citing the impact of global challenges on the Global South, Union Minister of Commerce and Industry Piyush Goyal on Friday called for making global value chains more resilient and inclusive using the framework adopted during India’s G20 presidency.

Speaking at the 2nd Voice of Global South Summit, the Union Minister said that most of the global challenges have not been created by the countries of the Global South, but they are the ones most affected by it.

Addressing the event, Goyal said, ‘The polycrisis of COVID-19 pandemic, impact of climate change and raging geopolitical tensions have disrupted and underscored the fragility of global supply chains’.

‘These disruptions have created monumental challenges in food, connecting energy, security, cost of living, and achievement of sustainable development goals. Prime Minister Narendra Modi has rightly pointed out that most of the global challenges have not been created by the Global South, but they affect us more. He has further underscored the need for our collective voice to be heard whenever and wherever the world looks for solutions to global challenges,’ he added.

The Union Minister further emphasised that the G20 Summit under India’s presidency took concrete steps in strengthening the voice of the Global South.

‘During India’s G20 presidency, the generic framework for mapping global value chains was adopted to make GVCs resilient and inclusive. This framework has been prepared keeping in mind how countries of the Global South could not only become integral part of GVCs but also move up the value chain to generate more prosperity of the people,’ Goyal said.

He added, ‘The framework promotes transparency and confidence amongst all stakeholders as well as allows anticipation and estimation of potential risks embedded within value chains’.

Earlier in the day, Prime Minister Narendra Modi on Friday inaugurated a global centre for excellence for the Global South countries called DAKSHIN.

In his opening remarks at the inaugural session of the Second Voice of Global South Summit, PM Modi said ‘I had proposed setting up a Global South Centre of Excellence for the Global South at the first Voice of Global South Summit. I am happy that the Dakshin Development and Knowledge Sharing Initiative Global South Centre for Excellence is being inaugurated today.’

‘Geographically, the Global South has always existed, but it is getting a voice for the first time, and this is because of the joint efforts. We are more than 100 countries but our priorities are similar,’ he added

The Second Voice of the Global South Summit is taking place in virtual mode on Friday. The summit would focus on sharing with countries of the Global South the key outcomes achieved in various G20 meetings over the course of India’s presidency.

The theme of the inaugural leaders’ session is ‘Together, for Everyone’s Growth, with Everyone’s Trust’ and that of the concluding leaders’ session is ‘Global South: Together for One Future’, the Ministry of External Affairs (MEA) said.

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