Business · India Bureau
Global South must unite against unilateral trade actions: Das
Former RBI Governor Shaktikanta Das has called for coordinated action among developing nations to counter protectionist measures from advanced economies. He has also emphasised the need for diversification in trade and energy imports amid rising crude oil pressures.
LSN India ·
Shaktikanta Das, the former Governor of the Reserve Bank of India, has urged countries in the Global South to present a united front against unilateral economic policies being pursued by developed nations. Speaking on the escalating trade tensions, Das stressed that coordinated responses would be essential for protecting the interests of developing economies facing headwinds from protectionist tariffs and trade barriers.
The former central banker highlighted the vulnerability of Global South economies to external shocks, particularly in the energy sector. With crude oil import costs rising amid geopolitical tensions in West Asia, Das advocated for greater diversification of both trade partners and energy sources to reduce dependency on any single market or supplier.
Das's remarks come at a time when developing nations are increasingly concerned about the impact of tariff regimes being implemented by major economies. The former RBI chief suggested that strengthening intra-regional trade linkages and exploring alternative energy partnerships could provide insulation against external policy shifts and supply disruptions.
The emphasis on diversification also extends to reducing reliance on traditional trading partners, with Das pointing to the potential of enhanced cooperation within the Global South bloc. Such measures, he argued, would not only stabilise economies but also enhance their negotiating position in international trade discussions.