To empower the Global South, a more inclusive global order imperative

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Beautiful sunlight, palm trees, and coconuts… Here we are in the south of China in Hainan for this year's Boao Forum for Asia!

Since 2002, thousands of representatives have gathered on this tropical island for Asia's economic integration and development. And this year, the Global South has turned out to be a key phrase.

A potent force, now representing over 40 percent of global GDP and driving 80 percent of global growth, the Global South commands attention in international economics and politics.

"I think it is good that we are starting step by step to see the Global South (countries) are playing a larger role in international politics. And this is only natural since the Global South is starting to be a more important economic actor," Carl Fey, Professor of Strategy at BI Norwegian Business School said in an inclusive interview with CGTN.

Despite their economic clout, developing nations face systemic challenges.

"It is very difficult for Western countries, Europe, and the U.S. to accept that they are not the prettiest girl in the room any longer. They need to face someone new, may be different, may be better in some areas and accept that the hegemonic world is coming to an end," said Michele Geraci, the former Undersecretary of State at Italian Ministry of Economic Development.

Western dominance in financial institutions leaves the Global South countries without adequate platforms to voice their needs.

"In today's world, developing countries face many challenges, I would say, compounded challenges … I think the international financial architecture has to be reformed. It has to represent the world and has to address the needs of developing countries, make it easier for developing countries to assess finance so that they can build sustainable development," Wang Xiaojun, Trust Fund Director at UN Office for South-South Cooperation, told CGTN.

Observers advocate for a more inclusive global order, emphasizing the need to empower developing nations.

"One thing is to have different countries banding together and creating a different form and bloc. So for example, the BRICS association is one example of this. Different organizations in Asia is another example of this," said Fey.

BRICS aims to counterbalance Western dominance in institutions like the IMF and World Bank. The New Development Bank's expansion and the use of local currencies in trade are key strategies.

The Belt and Road Initiative supports Global South connectivity and trade. Infrastructure projects across continents are vital for common development and stronger international negotiating positions.

"The Belt and Road is the most important project in the world … You don't create a GDP in the sea. But when you build a motorway, a railway via land from China’s Xinjiang (to) Kazakhstan in Central Asia, to Europe, you create a GDP along the way," Geraci said, adding that "You create a self-developing model where you invest in infrastructure, then the fact that infrastructure increases the economy of that region almost to the point that the growth in economics can pay for the cost of the initial infrastructure."

Despite challenges, the Global South is actively shaping global affairs.

"I see recently more active and more effective participation and engagement of developing countries, especially on the UN platform. I observed the negotiations of UN General Assembly resolutions, developing countries now express clearer and louder voice compared to decades ago," Wang noted, adding that "I hope in reforming international financial architecture, developing countries can learn from their own experiences of their engagement at the UN platform."

World leaders are gathering in Boao for a shared future in the changing world, and the Global South is a driving force. Developing countries have the will and ability to succeed, but they lack the necessary tools to achieve their potential. And this requires a more equitable and inclusive international order.

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