U.S. President Joe Biden and Indian Prime Minister Narendra Modi announced a plan to develop a network of railways and sea routes.
The deal underscores not only the burgeoning partnership between India and U.S., but also their urgency and resolve in persuading the world they represent a more viable strategic proposition in facilitating the developmental needs of the Global South.In reality, this Biden-backed economic corridor would add to existing infrastructure investment for the regions involved.
"The more there is investment in infrastructure connectivity, the more there is a platform for trade among nations, the better for the countries involved, but also for the world economy because expansion of transportation links, communication links and trade have positive spillovers," she added. in the world by promoting equitable growth and enhancing macroeconomic and financial stability. Under Modi, India's year-long presidency of the multilateral bloc of the world's largest economies was focused on elevating the place of the Global South on the G20 agenda.Multilateral bank reform was among the issues on the agenda, which included establishing a global framework to restructure sovereign debt, particularly for vulnerable developing economies.
"And I call on our members to strengthen the global financial safety net," Georgieva separately said Sunday in a press release, released shortly after the G20 summit formally ended.
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