South-South Strides : A New Global Narrative

Dec 13, 20244 min read

Updated: Dec 14, 2024

Another Episode of “Global Canvas” from JOI

The Global South is no longer a peripheral actor in the global arena; it is emerging as a transformative force. From India’s decisive G20 presidency in 2023 to the BRICS+ expansion in 2024, this shift signals a promise of structural transformation in global governance, trade, and economic systems. Two key platforms—the BRICS Summit in Kazan, Russia (October 2024) and the G20 Summit in Brazil (November 2024) — have highlighted the potential and aspirations of South-South cooperation.

This ascendancy not only reshapes geopolitics but also fosters an exploration of the Global South’s collective identity—an identity striving for economic autonomy and challenging Western-dominated systems. At the center of this narrative is India, a vital torchbearer, shaping and guiding the evolving discourse.

Context and Background

India’s G20 presidency in 2023 was a diplomatic triumph and a statement of intent. Advocating for the African Union’s inclusion as a permanent G20 member symbolized a recognition of Africa’s strategic importance. This act underscored India’s commitment to multilateralism and inclusive governance. Furthermore, India introduced groundbreaking initiatives like Digital Public Infrastructure and climate resilience, creating pathways for other Global South nations to bypass traditional development models.

This momentum continued into 2024, with the BRICS Summit in Kazan and the G20 Summit in Brazil offering platforms to solidify South-South collaboration. The expansion of BRICS, which now includes the UAE, Iran, and Ethiopia, and Brazil’s thematic focus on equity and sustainability further cemented the Global South’s pivotal role in global discourse.

Key Players and Stakeholders

India: As a leader in BRICS+ and G20 deliberations, India plays a dual role of advocating for the Global South and balancing pragmatic diplomacy on the global stage. Its initiatives reflect a vision for inclusive development and innovative growth strategies.
Russia: Isolated from Western financial systems, Russia champions de-dollarization through BRICS frameworks like the Cross-Border Payment System. Its focus is on financial sovereignty and reducing dependency on Western-dominated systems.
Brazil: As the G20 president, Brazil’s agenda for poverty reduction, climate justice, and equitable taxation exemplifies the Global South’s leadership in global governance. Brazil has also emphasized the synergy between BRICS and G20 initiatives.

African Union: With its permanent G20 membership, the African Union represents a unified African voice, advocating for the continent’s aspirations and reinforcing its importance in global economic and political discussions.
The United States: Watching these developments cautiously, the US is resisting efforts to weaken Dollar dominance. However, its strategies, such as threats of imposing tariffs, may inadvertently accelerate diversification in global financial systems.

Major Concerns and Consequences

The growing diversity within BRICS+ brings both opportunities and challenges. While the inclusion of members like the UAE, Iran, and Ethiopia enhances the bloc’s global influence, aligning their varied economic and political priorities remains a complex task.

Geopolitical tensions with the West have escalated, particularly around discussions of de-dollarization. For instance, US President-elect Donald Trump’s threats of 100% tariffs on BRICS nations underline the stakes of this transition. While these measures reflect attempts to safeguard financial hegemony, they could also spur faster diversification and financial autonomy for the Global South.

On the environmental front, balancing rapid infrastructure development with adherence to climate commitments is critical. The Global South must address these concerns while pursuing its ambitious developmental goals.

Political Perspectives and Understanding

The rise of the Global South can be understood through key theoretical frameworks that explain its strategies and implications. Dependency theory highlights the region's efforts to reduce reliance on the Global North by pursuing financial sovereignty, exemplified by initiatives like the proposed BRICS common currency. Such measures aim to bypass the US Dollar in global trade, challenging historical economic dependencies where Southern nations supplied raw materials while consuming finished goods from the North. By fostering intra-South trade and reducing exposure to Western financial dominance, the Global South seeks to redefine its role in a global economy long shaped by exploitative structures.

Constructivism and world-systems theory further illuminate this transformation. Constructivism emphasizes the emerging collaborative identity fostered through South-South cooperation. Platforms like BRICS and G20 not only promote economic partnerships but also reshape global norms by championing inclusivity and equity. Simultaneously, World-Systems theory reveals the growing influence of semi-peripheral nations like India, Brazil, and South Africa, which challenge the dominance of core economies such as the US. Through collective action and institutional reform, these nations are decentralizing global power structures, paving the way for a multipolar world where the Global South asserts itself as a transformative force in global governance.

Takeaways

The milestones of 2024 signify a transformative era for the Global South. Events like the BRICS Summit in Kazan and the G20 Summit in Brazil underscore the collective resolve of the Global South to redefine global governance. Financial autonomy, inclusive development, and environmental sustainability remain at the core of this journey. The evolving narrative calls for unity in diversity, laying the foundation for a more equitable and interconnected world.

Compiled by Commodore (Dr) Johnson Odakkal (with support from Ms Vivaksha Vats)

Stay Tuned for More!

As the Global South continues to chart its path in a multipolar world, what other issues or regions should we focus on? Share your insights at www.johnsonodakkal.com or connect with us at ceo@johnsonodakkal.com . Together, let’s drive informed discussions and contribute to a more just and equitable global future.