New York: External Affairs Minister, S Jaishankar on Wednesday addressed the 2nd G20 Foreign Ministers' Meeting of Brazil's G20 Presidency on the sidelines of UNGA 79.
Jaishankar said that the United Nations is a prisoner of the past and it must evolve with the world.
"The areas of global governance reform... First is the reform of the UN and its subsidiary bodies. The world has evolved into a smart, interconnected, and multipolar arena, and its members have increased fourfold since UN's inception. Yet, the UN remains a prisoner of the past. As a result, the UN Security Council struggles to fulfil its mandate of maintaining international peace and stability, undermining its effectiveness and credibility," he said.
Jaishankar said that the Global South must be given their legitimate voice.
"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 short-changed. They must be given their legitimate voice. Real change needs to happen and happen fast," he said.
The EAM in his speech also said that the international financial architecture must focus on issues dictated by urgent development challenges.
"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 that. Financing and investment gaps for SDGs, estimated at up to USD 4 trillion annually, need to be addressed urgently. As key anchors of the global development financing landscape, MDBs must be made more robust, expansive, and effective," he said.
Jaishankar said that Multilateral Development Banks must be encouraged to maximize development impact.
"Significant strides were made with your collective support during India's G20 presidency in this regard. G20 leaders had called for expanding development in climate finance from billions to trillions. They encouraged MDBs to refine their vision, incentive structures, operational approaches, and financial capacities to maximize their development impact. Brazil's Presidency, as we all appreciate, has continued that 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 said.
Jaishankar reiterated India's stance and said that the multilateral trading system must be reformed to discourage market-distorting practices and protectionism.
"The third issue is the reform of the multilateral trading system. India remains unwavering in its commitment to a rules-based, non-discriminatory, fair, open, inclusive, equitable and transparent multilateral trading system. With the WTO at its core, we strongly support policies that foster trade and investment, enabling every nation to flourish in an interconnected and dynamic world. To foster a favourable trade and investment environment, we must ensure a truly level playing field and fair competition, market-distorting practices and protectionism must be firmly discouraged," he said.
Jaishankar said that India called for reforms in the WTO to enhance its functions through an inclusive, member-driven and transparent process
"India calls for comprehensive reform of the WTO to enhance its functions through an inclusive, member-driven and transparent process. It remains committed to constructive discussions for realizing a fully operational and effective dispute settlement mechanism. Dispute settlement system accessible by all members. A reformed and fair multilateral trading system is vital for our future to be more equitable and inclusive. Breaking the status requires more than incremental changes it demands bold, transformative action. The world looks to the G20," he said.
