Developing Nations’ Resources, Developed Nations’ Wealth

Iqbal Sacranie, chair of the UK Muslim Trade Forum, has called for reforms to the global economic system, arguing that developing countries bear a disproportionate share of the burden created by global crises. Speaking at a Bharat Summit seminar titled “A New Economic Deal for a New World”, he said developing nations face rising prices, higher living costs and economic slowdowns despite having limited responsibility for many of these challenges. He stressed the need for a more balanced relationship between the Global North and Global South, based on equality, partnership and mutual understanding.

Sacranie said many developing countries export their natural resources to wealthier nations, where they are processed into finished products and sold back to them. He described this arrangement as unfair and called on institutions such as the World Bank to invest in infrastructure that would help developing countries process resources locally. He also urged international lenders to offer more favourable loan conditions to reduce the debt burden on these nations. Highlighting India’s growing industrial and infrastructure capabilities, he said the country could play an important role in supporting development across the Global South. He also called on governments to address public grievances through democratic dialogue, respect international law and use the Bharat Summit as a platform to build a more peaceful and equitable world.