The leaders of the wealthy democracies gathered this week in Hiroshima are already thinking a lot about Russia’s invasion of Ukraine, high inflation and the rise of China. However, Japan, which is hosting this year’s meeting, is prioritizing a “global South approach.”

Many developing countries in the global South are of great economic importance. They have grown rapidly and still have great potential for further growth. Countries like Brazil have the vital raw materials needed to support the global transition to a green economy. Others, such as Nigeria, are needed to extract hydrocarbons. In the meantime, countries like Vietnam could help the developed world diversify its supply chains to reduce its dependence on China, which currently controls key products such as electric vehicle batteries and photovoltaic cells.

The goal of rich democracies should not be to tie the countries of the global South to their camp in the face of possible conflict with China. They should, on the contrary, provide them with prosperity. But in trying to achieve this, rich democracies are exposed and can be accused of double standards. The main culprit, of course, is the United States. Both President Joe Biden and his predecessor Donald Trump have taken steps to protect domestic jobs through global trade. Washington recently adopted the so-called Biden green investment package.

If the G7 countries want to have good relations with developing countries, they must first develop international trade. This means, among other things, fulfilling their promises to move some of their production to friendlier countries such as India to avoid becoming overly dependent on China. If they increase imports, they risk a backlash. That is why rich countries must pursue ambitious policies to support those who have suffered from globalization. In addition, rich countries can help developing countries move quickly towards a green economy by taking a number of initiatives. They have already signed partnership agreements with countries like Indonesia and plan to invest $600 billion in infrastructure projects to compete with $1 trillion investment. Dollars of the Silk Road.