G20 Summit declaration will be voice of global south

G20 Summit declaration will be voice of global south

Subject: IR

Section: International Organisation

Context: India’s G20 Sherpa Amitabh Kant has said that “The New Delhi Leaders’ Declaration will be a voice of the Global South and the developing countries.

What is the likely New Delhi Declaration:

• India, as part of its G20 presidency, is working to evolve a consensus on a range of contentious issues even if that means stepping back on many of its stated positions
• For example, recently, the International Monetary Fund (IMF) and the Financial Stability Board (FSB), released a policy paper, at the request of the Indian G20 Presidency, which had recommended against an outright ban on crypto-assets.
• Apart from cryptocurrencies, during the various finance track meetings, India has tried to accommodate differing views on issues like climate change and financing for developing nations.

What is Global South:

• The Global South is a term often used to identify the regions of Latin America, Asia, Africa, and Oceania.
• The term “Global South” was first coined by a social activist Carl Oglesby in 1969.
• It is an analogous term to “Third World” and “Periphery” that denote regions outside Europe and North America, mostly low-income and often politically or culturally marginalized countries.
• Countries of the Global South have been described as newly industrialized or in the process of industrializing, and are frequently current or former subjects of colonialism.
• As such, the term does not refer to geographical south; for example, most of the Global South is geographically within the Northern Hemisphere.

Some facts about the official conference programme:

• The Summit official conference programme is structured around three sessions.
• First, One Earth starting in the morning.
• Second One Family, in the afternoon;
• Third One Future on the 10th.
• Besides the three sessions of the conference, there will also be a couple of sideline events which are currently being structured involving India and other Heads of State