During Brazil’s presidency of the G20 group of largest economies, President Luiz Inacio Lula da Silva is emphasizing the need for a larger representation of the Global South in global decision-making processes. He aims to reform global governance and update the outdated United Nations system, as discussed at recent meetings of G20 foreign and finance ministers.
Lula’s agenda includes addressing hunger, poverty, and climate change, while advocating for better representation of developing nations in institutions like the International Monetary Fund and the World Bank.
Despite these efforts, expanding the U.N. Security Council faces challenges, as veto-holding countries are reluctant to relinquish their power.
Lula, a prominent voice for the developing world, believes that the interests that unite the Global South are more significant than the differences that divide them.
Brazil has already taken steps to include the African Union as a formal member of the G20, following the example of the European Union. Members of the Mercosur customs union have also been invited to participate.
The pressure from developing nations is pushing financial institutions controlled by Western powers to consider proposals like converting countries’ debts into investments, a suggestion put forth by Brazil.
At the G20 meeting in Sao Paulo, the Global South is expected to play a leading role in crafting the final statement, which may focus on redistributing wealth from advanced economies to support development in emerging economies.
An official from a G7 country noted that the G20 has become a battleground between advanced and developing economies, with the latter seeking leadership in the forum.
The growing influence of the Global South in the G20 has unsettled wealthier nations, but EU foreign policy chief Josep Borrell views it as a positive shift towards a more inclusive dialogue that transcends traditional power dynamics.
Borrell emphasized the importance of having the African Union at the table, given the continent’s projected demographic significance in the coming years.
Established in the aftermath of the 2007–2008 financial crisis, the G20 now serves as the primary platform for economic and financial cooperation, representing a significant portion of the global GDP, trade, and population.
The term “Global South” has emerged to signify developing and emerging nations, replacing the outdated notion of the “Third World” following the end of the Cold War.
(Reporting by Lisandra Paraguassu, Leika Kihara in Tokyo and Marcela Ayres in Brasilia; Writing by Anthony Boadle; Editing by Brad Haynes and Rosalba O’Brien)
