In this report we explore the tension between global standards and national concerns as we attempt to understand if the Global South is pursuing a 'Third Way' in AI Governance Policy. To do so, we decided to study four countries, two each from BRICS and ASEAN. We chose four countries for this purpose: Brazil, India, Indonesia and Singapore.  Our research methodology included a document review and 20 interviews (5 from each country). We ultimately came to the conclusion that there is no uniform 'Third Way.' Rather, each country makes its policies based on national priorities, with different stakeholders having different views on the contents of the policy. That there is no uniform Way countries in the so-called Global South pursue but rather independent national priorities that rely on demographics, their tech ecosystem, and individual development goals.