PM Modi Proposes Global Development Compact in Closing Remarks at 3rd Voice of Global South Summit

GG News Bureau
New Delhi, 18th August. Prime Minister Narendra Modi, in his closing remarks at the Inaugural Leaders’ Session of the 3rd Voice of Global South Summit, emphasized the unity of the Global South in addressing common concerns and aspirations.

He thanked the leaders for their valuable suggestions and proposed a comprehensive “Global Development Compact” based on India’s development experiences.

The Prime Minister highlighted that the proposed Compact would focus on human-centric, multi-dimensional, and multi-sectoral development without burdening partner countries with debt. It aims to foster sustainable and balanced growth by prioritizing the development needs of the Global South.

Key components of the Compact include trade for development, capacity building, technology sharing, and concessional financing for specific projects. To promote trade, India will launch a $2.5 million special fund and provide $1 million for training in trade policy and negotiations. Modi also announced India’s commitment to the Sustainable Development Goals (SDG) Stimulus leaders group and pledged support for making affordable generic medicines available to the Global South.

Addressing global tensions and conflicts, Modi stressed the need for inclusive global governance that prioritizes the Global South and urges developed nations to fulfill their commitments. He expressed hope that the upcoming UN Summit of the Future could be a milestone in this effort.

The Prime Minister concluded by reaffirming India’s commitment to the progress of the Global South and vowed to continue raising its voice on global platforms.