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EAM Jaishankar said people are looking at the G20 for an economic direction to the world, facing uncertainties
External Affairs Minister S Jaishankar termed India’s G20 Presidency as an “extraordinary opportunity and a great honour” to have a certain “convening power and an agenda-shaping opportunity.”
In his keynote address at the inaugural Australian Strategic Policy Institute-Observer Research Foundation held Raisina Dialogue on Saturday in Sydney, Jaishankar said given financial woes and uncertainties in the world, people are looking at the G20 for an economic direction.
“Our hope is that we are able to steer the G20 in the direction in which it should go to undertake the responsibilities, the remit with which the G20 was originally tasked, which was economic growth and global development. And we are doing this not just as a, shall I say, feeling the vibes from the rest of the world. We actually did it as a practical empirical exercise. In the month of January, we actually consulted 123 countries,” Jaishankar said.
Talking about globalisation, he said despite its pluses and minuses, “globalisation actually has helped to create a rebalancing.”
“G20 itself is proof of that rebalancing, that, till 2008, the global leadership such as it was, was seen as G7. And the fact was that the events of 2008, 2009 demonstrated that G7 was too narrow. So, I use G20, but I would not stop at G20. I use that as a metaphor to underline the point that if you look today, at the production and consumption centres of the world, they are vastly different, certainly from what they were in 1945,” Jaishankar said.
The EAM said rebalancing is creating an emerging multipolarity in the world.
“That the United States, to my mind, has been the premier power in the foreseeable future, I still see it as the premier power. And clearly the rise of China, the share of China in the global economy, in global technology, in global influence, these are undeniable factors. But the fact is that, let's take this decade, you clearly are going to see many more powers, who will have more influence on global debates and global outcomes than they did before. And to my mind, certainly, some of them would be sufficiently separated from the rest of the herd to be seen as a pole, and therefore you will have multipolarity,” Jaishankar said.
On evolving relations between India and the US, he said there have been big changes in India’s foreign policy. “But I would equally stress that there has been a big change in American thinking that this is not the same United States with which we dealt with in the 60s or 80s, or even, frankly, in 2005, that there is an evolution out there. And that evolution today, you can see on a whole range of issues. And as a result, we today have new strategic concepts, new tiered geopolitical theatres, if you would, new mechanisms,” the EAM said.
He said “uncertainties” have increased in the world in the wake of three years of Covid, which has disrupted “global socio-economic fabric” and the Ukraine conflict that has created “shortages” in food, fuel and fertilizer.
And if there is today “really an urgent collective task, it is how to de-risk the global economy,” EAM Jaishankar said.
He said there is an “over-dependence on manufacturing, over-dependence on energy, over- dependence on services” and in this regard there is a need for "the creation of more reliable and resilient supply chains."
In his keynote address at the inaugural Australian Strategic Policy Institute-Observer Research Foundation held Raisina Dialogue on Saturday in Sydney, Jaishankar said given financial woes and uncertainties in the world, people are looking at the G20 for an economic direction.
“Our hope is that we are able to steer the G20 in the direction in which it should go to undertake the responsibilities, the remit with which the G20 was originally tasked, which was economic growth and global development. And we are doing this not just as a, shall I say, feeling the vibes from the rest of the world. We actually did it as a practical empirical exercise. In the month of January, we actually consulted 123 countries,” Jaishankar said.
Talking about globalisation, he said despite its pluses and minuses, “globalisation actually has helped to create a rebalancing.”
“G20 itself is proof of that rebalancing, that, till 2008, the global leadership such as it was, was seen as G7. And the fact was that the events of 2008, 2009 demonstrated that G7 was too narrow. So, I use G20, but I would not stop at G20. I use that as a metaphor to underline the point that if you look today, at the production and consumption centres of the world, they are vastly different, certainly from what they were in 1945,” Jaishankar said.
The EAM said rebalancing is creating an emerging multipolarity in the world.
“That the United States, to my mind, has been the premier power in the foreseeable future, I still see it as the premier power. And clearly the rise of China, the share of China in the global economy, in global technology, in global influence, these are undeniable factors. But the fact is that, let's take this decade, you clearly are going to see many more powers, who will have more influence on global debates and global outcomes than they did before. And to my mind, certainly, some of them would be sufficiently separated from the rest of the herd to be seen as a pole, and therefore you will have multipolarity,” Jaishankar said.
On evolving relations between India and the US, he said there have been big changes in India’s foreign policy. “But I would equally stress that there has been a big change in American thinking that this is not the same United States with which we dealt with in the 60s or 80s, or even, frankly, in 2005, that there is an evolution out there. And that evolution today, you can see on a whole range of issues. And as a result, we today have new strategic concepts, new tiered geopolitical theatres, if you would, new mechanisms,” the EAM said.
He said “uncertainties” have increased in the world in the wake of three years of Covid, which has disrupted “global socio-economic fabric” and the Ukraine conflict that has created “shortages” in food, fuel and fertilizer.
And if there is today “really an urgent collective task, it is how to de-risk the global economy,” EAM Jaishankar said.
He said there is an “over-dependence on manufacturing, over-dependence on energy, over- dependence on services” and in this regard there is a need for "the creation of more reliable and resilient supply chains."
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