Abu Dhabi hosts first Global South Economic Forum

The first-ever Global South Economic Forum was held from Monday to Tuesday in Abu Dhabi, the capital city of the United Arab Emirates (UAE).

It brought together nearly 100 policymakers, scholars, and think-tankers from over 20 developing nations to address the most pressing issues facing the Global South and to promote a more equitable and inclusive global economic order.

The Global South now accounts for 85 percent of the world's population and over 40 percent of global GDP, becoming an important engine of global economic growth, and showing great potential in terms of resource endowment, market size and industrial upgrading.

Organized by the Center of Geoeconomics for the Global South in partnership with the Anwar Gargash Diplomatic Academy, the Academy of Contemporary China and World Studies, and the Emirates Center for Strategic Studies and Research, this high-level forum aspires to reimagine economic frameworks for a more equitable global future.

According to the organizers, the Global South Economic Forum was especially held at the same time as the G7 Summit to convey the voice of developing countries to the world, emphasize the need to reform the international economic governance system and promote multilateralism.

"The world is on a new economic world order that is setting up now. We are on the cusp of change and I think now the Global South has enough voice that we can come together collectively and make our own decisions. So far I think we have been ruled by the G7 or you can say the Western world. But now things are changing and they are changing very fast," said Mohammed Saqib, founder and convenor of the Center of Geoeconomics for the Global South.

"The 21st century belongs to the Global South. So we need a new world order. The core of this world order is multipolarity and sustainable, more equal, inclusive and resilient development. I think such important goals require joint efforts of the Global South countries," said Zhao Yuezhi, chair of humanities at China's Tsinghua University.

Addressing conflict and finance

This year's forum focused on new challenges facing developing countries, including geopolitical conflicts, the sustainable development financing gap, and competition for technological sovereignty.

The world's developing nations are facing an unprecedented 4 trillion U.S. dollars annual financing shortfall in sustainable development. This gap represents a significant increase from previous years, with factors like climate change, conflict, and geopolitical uncertainty driving up the need for development finance, said a recent United Nations report.

Anil Trigunayat, a former Indian diplomat, called on the international community to find ways to stop at all costs the disastrous air war between Iran and Israel that entered in its fifth day Tuesday. "And this escalation has to be contained, must be stopped before it is too late. And I hope that the all the countries in the world, especially the United States, takes a proactive role to arrange to stop this war, because without that we are going to see a very major conflagration," he said.

Chinese Ambassador to the UAE Zhang Yiming delivered a keynote speech at the forum, pointing out that development is a common aspiration of the Global South. He expressed the hope that China will work with other Global South countries, including the UAE, to further voice for peace, seek a path to development, consolidate the foundation for cooperation, and jointly write a new chapter of prosperity and development in the Global South.