Global bodies must shield Global South from West Asia shock, says PM Modi at G7

Prime Minister Narendra Modi called on global financial institutions to establish support systems for Global South countries to mitigate economic impacts from conflicts like the one in West Asia. Addressing an outreach session at the G7 Summit in France, Modi highlighted how disruptions in fuel, fertilizer, and food supply chains disproportionately affect vulnerable nations.

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Our international financial institutions must create support mechanisms that help developing countries absorb these shocks and maintain their economic resilience.

Modi advocated for a collaborative approach, suggesting the "International Mobilisation Partnership for Accelerating Connectivity and Trade" (IMPACT). This initiative would leverage G7 capital, India's expertise, and the ownership of Global South countries to foster connectivity projects in Africa, Latin America, and the Pacific Islands, focusing on trade, technology, and energy.

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The impact of the West Asian crisis on fuel, fertiliser and food supply chains will have long-lasting consequences for the Global South.

He also proposed a "Global Skills Partnership" to address the needs of developed countries with aging populations and the potential of young talent in the Global South. This partnership aims to facilitate skill mapping and trusted mobility, fostering mutual growth and development. Modi emphasized that growth should be measured by its beneficiaries and direction, not just GDP or trade figures.

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Combining the capital of the G7, India’s talent and the ownership of countries in the Global South, we could consider creating the International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT).