New Delhi: External Affairs Minister S Jaishankar on Wednesday at the UNGA, highlighted the urgency of UN reforms to ensure representative, credible and effective multilateralism and expansion of UNSC in both categories.
In his remarks at the G20 Foreign Ministers’ Meeting in New York on the theme 'Global Governance Reforms', Jaishankar said, "The world has evolved into a smart, interconnected, and multi-polar arena; and its members have increased four-fold since UN's inception. Yet, the UN remains a prisoner of the past. As a result, the UNSC struggles to fulfil its mandate of maintaining international peace and security, undermining its effectiveness and credibility. Without reforms, including expansion in both categories of UNSC membership, its lack of effectiveness will only continue".
"Expansion and proper representation in the permanent category is a particular imperative. Asia, Africa and Latin America - the Global South cannot continue to be shortchanged. They must be given their legitimate voices. Real change needs to happen, and happen fast", added Jaishankar.
He noted the imperative of robust, expansive and effective international financial architecture. "The second issue is the reform of the International Financial Architecture. The Bretton Woods institutions have to now focus on urgent issues dictated by persistent development challenges and pressing climate change. Neither the MDBs nor the orthodox global financial system were designed to handle them," said the External Affairs Minister.
He stressed that financing and investment gaps for SDGs, estimated at up to USD 4 trillion annually, need to be addressed urgently. Further, he underlined the challenges of protectionism and market-distorting practices to the international trading system and called for comprehensive reforms of the World Trade Organisation (WTO) to ensure a rules-based, non-discriminatory and fair multilateral trading system.
Jaishankar further pointed out that G20 Leaders had called for expanding development and climate finance from billions to trillions. He said they had encouraged MDBs to refine their vision, incentive structures, operational approaches and financial capacities, to maximise their developmental impact.
"Brazil’s Presidency, as we all appreciate, has continued the momentum. The 2024 G20 Roadmap for better, bigger, and more effective MDBs, builds on the New Delhi mandate and the recommendations of the 2023 G20 Independent Expert Group on Strengthening MDBs," he added.
He called for the need to reform the Multilateral Trading System while asserting that India remains unwavering in its commitment to a rules-based, non-discriminatory, fair, open, inclusive, equitable and transparent multilateral trading system, with the World Trade Organization at its core.
"We strongly support policies that foster trade and investment, enabling every nation to flourish in an interconnected and dynamic world", said Jaishankar.
