The Global South is playing an increasingly pivotal role in today's geopolitical landscape, especially amid rising great power competitions. The upcoming 27th St. Petersburg International Economic Forum (SPIEF), scheduled in Russia from June 5-8, is set to be a significant platform for Russia to strengthen its economic and political ties with the Global South.
In the wake of the Russia-Ukraine conflict, Russia's economic relationships with Europe and the United States have sharply declined. For instance, EU-Russia trade volumes plummeted from €257.5 billion in 2021 to approximately €89 billion in 2023. This downturn has underscored the importance of diversifying economic partnerships beyond Western markets.
SPIEF presents a strategic opportunity for Russia to enhance its connections with emerging economies and the broader Global South. By fostering stronger economic ties with these regions, Russia aims to mitigate the impact of Western sanctions and stimulate its economic development through new trade and investment avenues.
On the diplomatic front, the forum serves as a vital space for Russia to engage with leaders from non-Western countries, maintaining and potentially expanding its foreign relations despite the ongoing sanctions from the EU and the U.S. The emphasis on non-Western alliances at SPIEF highlights a shift towards more diversified international partnerships in response to the current global dynamics.
As geopolitical competition intensifies, the significance of the Global South cannot be overstated. Events like SPIEF are instrumental in shaping new contours of international relations, enabling nations like Russia to navigate the complexities of today's interconnected world.
Reference(s):
The Global South's significance in an era of geopolitical competition
cgtn.com
