Reform Of international Financial, Political Structures Including UNSC Needed Urgently: EAM Jaishankar

India on Wednesday called for immediate reforms in international decision-making, especially the UN Security Council. External Affairs Minister S. Jaishankar stressed the need to give the Global South its due representation. He spoke at the G20 Foreign Ministers’ meeting in New York, urging reforms to make the UN more representative, credible, and effective.

Jaishankar called for expanding both permanent and elected seats on the Security Council. He said this is necessary to reflect current global realities. The G20 ministers met on the sidelines of the UN General Assembly’s high-level session.

India Seeks Financial Reforms

Jaishankar also pressed for reforms in global financial systems. He highlighted India’s efforts during its G20 presidency to reform multilateral development banks (MDBs). India had formed a panel of experts to recommend changes, which the G20 later adopted.

The proposed reforms include raising capital, tripling lending for sustainable development by 2030, and streamlining procedures. Jaishankar said these steps will make the global financial system more robust and responsive to developing countries.

Jaishankar Criticizes WTO Practices

Jaishankar also took aim at the World Trade Organization (WTO). He called for comprehensive reforms to ensure a fair and non-discriminatory trading system. He criticized protectionist practices, saying they harm developing nations.

Before the G20 meeting, Jaishankar spoke briefly with WTO Director-General Ngozi Okonjo-Iweala. He stressed the need for reforms to create a rules-based trading system that benefits all.

UN Secretary-General Antonio Guterres supported India’s call for reforms. He said the Security Council must become more representative, especially for regions like Africa, Latin America, and Asia-Pacific.

Jaishankar concluded by calling on the G20 to push for reforms across global institutions. He emphasized the need to tackle pressing issues such as inequality, climate change, and the challenges posed by new technologies.

Jaishankar also spoke about the need for equitable clean energy investments. He noted that while India and China have seen significant growth in this area since 2015, other developing nations are falling behind. He called for a just energy transition that benefits all countries.

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