The forum emphasized the growing importance of South-South cooperation
The development financing gap for the Global South could surge to US$ 6.4tn by 2030, according to a recent report published by OECD, underscoring the urgent need for deeper cooperation among developing economies.
This call to action was a key message from government leaders and experts convening at the inaugural edition of Global South Economic Forum (GSEF), held at Anwar Gargash Diplomatic Academy (AGDA) in Abu Dhabi.
As globalisation gives way to a new, multipolar world order, the forum emphasized the growing importance of South-South cooperation in accelerating trade, investment, and strategic partnerships across the developing world through its five thematic sessions.
“Collectively, these Global South nations are helping recalibrate partnerships and offering pragmatic solutions rooted in shared ambition and mutual respect,” remarked HE Ahmed Al Sayegh, Minister of State, Economic and Trade Affairs, Ministry of Foreign Affairs, UAE.
South-South cooperation
The UAE’s Comprehensive Economic Partnership Agreements (CEPAs) are a leading example of South-South cooperation in action. As a result of these agreements, the UAE’s total foreign trade surged by 49 percent, reaching AED 5.23tn (US$ 1.42tn) in 2024, up from AED 3.5tn (US$ 949bn) in 2021, according to the World Trade Organization (WTO).
“We hope that the Global South Economic Forum is part of that process of openness, building bridges and allowing countries and thought leaders to align together around ideas for the future ahead of us,” observed Nickolay E. Mladenov, Director General, AGDA.
“The world is on the cusp of a new economic order. Global South is emerging as a driving force in shaping global systems, and our collective voice is gaining strength in a multipolar world. We are committed to building equitable economic frameworks,” noted Mohammed Saqib, Economist and Convenor, COGGS (Centre of Geoeconomics for the Global South).
“GSEF wasn’t an echo chamber of ideas; the forum is a crucible of tested wisdom, where real-world experience met real-time challenges. Far from exclusive, GSEF thrives on inclusion, bringing diverse voices to the same table to shape a tomorrow that’s moving in many directions,” Ayanangsha Maitra, Co-ordinator, GSEF, remarked.
