Carnegie Endowment for International Peace
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It could mark a shift toward a more inclusive financial system for the climate- and debt-stressed Global South.
His aspirations for Brasilia’s relationship with Beijing, if similar to those of his previous presidency, would not be well suited for the China of 2023.
The agreement on a new loss and damage fund is one of the summit’s bright spots, but more needs to be done to deliver the trillions of dollars needed to finance the low-carbon transition.
But President Joko Widodo’s plans to seek international support for his domestic development agenda could be frustrated by growing political tensions at home and abroad.
Washington must continue its engagement long after the islands fall out of the headlines if it is serious about its commitment to the region.
“The continued stability and prosperity of the Indo-Pacific region is heavily influenced by the actions of small island states,” says Maldives Foreign Minister Abdulla Shadid.
Despite their similarities, these South Asian states are vastly different in their approaches to debt and China.
The revamped partnership is driven by discernible global shifts.
Among emerging Asian economies, it has the fewest tools to fight the global food crisis.
In a region already struggling with pandemic recovery, the fallout from the Russia invasion could be the straw that breaks the camel’s back.