Context
External Affairs Minister of India, S Jaishankar addressed the G20 Foreign Ministers’ Meeting in New York, emphasizing India’s stance on global governance reforms.
About
- India highlighted its perspectives at the 3 key areas of global governance reform, which incorporates;
- Reform of the United Nations and its subsidiary bodies,
- Reform of the International Financial Architecture and
- Reform of the Multilateral Trading System.
Reform of the UN and its subsidiary bodies
- Current Situation: UN was established in 1945 and since then the global order has turned out to be more interconnected and multipolar.
- Despite this, the UN, mainly the UN Security Council, is ruled by a few predominant powers.
- India’s Argument: The UN, particularly the U.S., struggles to cope with current challenges like terrorism, climate change, or conflicts in several regions, because of its previous structure.
- India has lengthy sought permanent membership within the UNSC, affirming that the council must reflect the global distribution of energy
Reform of the International Financial Architecture
- Current Situation: The International Monetary Fund (IMF) and the World Bank, which had been set up after World War II are actually seen as insufficient to deal with current global challenges, consisting of the Sustainable Development Goals (SDGs) and climate trade.
- India’s Argument: The Multilateral Development Banks (MDBs) should be reformed to recognize inclusive development, preventing poverty, and addressing climate-related financing needs.
Reform of the Multilateral trading system
- Current Situation: The World Trade Organization (WTO) serves as the foundation of the global trading system, promoting free trade with the aid of imposing regulations.
- However, issues over protectionist policies, subsidies, and market-distorting practices through a few countries have disrupted honest opposition, especially for developing countries.
- India’s Argument: India advocates for a policies-based, nondiscriminatory, truthful, open, inclusive, equitable and obvious multilateral trading system.
Conclusion
- By pushing for reforms at the UN, financial establishments, and in turn, India aims to make sure that those structures reflect the pastimes of all countries, particularly developing ones, rather than being skewed toward some powerful countries.
- This aligns with India’s broader diplomatic efforts to suggest a more multipolar world order.
Source: Economic Times