Indian Foreign Minister S Jaishankar called for a more inclusive and sustainable globalization at the B20 summit in New Delhi on August 26, 2023.
Jaishankar said that globalization has benefited many people around the world, but that it has also created new challenges, such as inequality, climate change, and food insecurity. He stressed the need to make globalization more inclusive and equitable, and to ensure that its benefits are shared more widely.
Jaishankar also called for a more democratic approach to globalization, in which all countries have a voice in shaping its rules and institutions. He said that businesses can play a key role in this by advocating for policies that promote fair and sustainable globalization.
"Globalization is not inevitable, but it is a choice that we make," Jaishankar said. "I urge the business community to work with governments to build a more diversified, democratic, and inclusive globalization that benefits everyone."
Jaishankar's comments come at a time when globalization is under increasing scrutiny. Critics argue that globalization has led to increased inequality, environmental degradation, and a loss of jobs. However, proponents of globalization argue that it has also lifted millions of people out of poverty and created new opportunities for trade and investment.
The debate over globalization is likely to continue for many years to come. However, Jaishankar's call for a more inclusive and sustainable globalization is a timely reminder that globalization can be a force for good, but only if it is managed carefully.
There are some specific ways that businesses can make a difference in promoting a more equitable and sustainable globalization which are as follows:-
a) Invest in developing countries and help them to build their own businesses and industries.
b) Promote fair trade practices and ensure that workers in all countries are treated fairly.
c) Protect the environment and work to mitigate climate change.
d) Support policies that promote education and skills development in developing countries.
e) Advocate for a more democratic and inclusive approach to globalization.
By taking these steps, businesses can help to create a more just and sustainable world for all.
