'There is an urgent need to reform multilateralism', Jaishankar tells Global South Summit

India said on Saturday there was an urgent need to reform multilateral institutions and the failure of the United Nations to push the process forward was costing the world day by day.

The subject featured prominently at the third Voices of the Global South summit hosted by India, attended by more than 120 countries, many of whom were calling for reforms in multilateral institutions.

“If we are to restore the credibility of multilateralism, it urgently needs to be reformed. No country really objects to this assessment,” External Affairs Minister S Jaishankar told a meeting of foreign ministers at the summit.

“But the price we pay for not being able to move this forward at the United Nations is increasing day by day,” he said.

India has been pressing for reforms in multilateral institutions such as the United Nations, World Bank and International Monetary Fund, arguing that they must reflect the realities of today's world.

“The undeniable fact is that even if the global order faces severe challenges, solutions have not been found in the multilateral sphere,” he said, calling for a revitalization of multilateralism.

“The reason lies in the obsolescence and polarization of multilateral organizations,” he said.

In this regard, India also advocates reforming multilateralism and seeks reform of multilateral development banks through the G20. As a group, we need to explain our views in depth,” Jaishankar said.

In his opening speech, the Foreign Minister elaborated on his views on four specific areas: strengthening economic resilience, climate change and energy transition, revitalizing multilateralism and democratizing digital transformation.

On economic resilience, he said the experience of the COVID-19 pandemic, conflict and climate events has brought home the need for reliable and resilient supply chains.

“Not only that, there is an urgent need to diversify production in various fields to reduce international economic risks,” he said.

“What we argued before in terms of socioeconomic justice is equally compelling logic today for the entire world in terms of predictability,” he noted.

In an in-depth study of climate change, Jaishankar said risks, costs of transition pathways and accessibility of resources are the three major issues.

“During our G20 Presidency, we have worked hard to emphasize a 'just energy' transition. We must work together as a family to promote low-cost financing and the flow of critical technologies to the Global South,” he said.

Jaishankar also emphasized the importance of digital public infrastructure.

“Digital public infrastructure has been a key driver of the transformation currently underway in our country. Some of our experiences will be of interest to partners in the Global South,” he said.

“They can also benefit from digital exchanges and cooperation within the South,” he said.

Jaishankar also spoke about the impact of various conflicts and geopolitical tensions on the global South.

“This gathering takes place at a time when the world is grappling with multiple conflicts, tensions and pressures. We, the countries of the Global South, are particularly affected,” he said.

“The purpose of this exchange of views is to identify our interests through this process. Therefore, the theme of this meeting is – developing a unique paradigm for the global South,” he said.

Talking about the importance of access to finance and technology, Jaishankar noted that these remain key to unlocking the development potential of the Global South.

“In this regard, we must encourage a more proactive and willing culture. India, for example, is sharing India Stack and digital public infrastructure solutions and undertaking development projects in nearly 80 countries, many of them in the form of grants conduct.

(This report has not been edited by News18 staff and is published from United News Agency-PTI)