Dear Colleagues,
Excellencies,
Allow me to present India’s views on the three key 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 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.
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.
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.
Significant strides, with your collective support, were made during India’s G20 Presidency in this regard. G20 Leaders had called for expanding development and climate finance from billions to trillions. They had encouraged MDBs to refine their vision, incentive structures, operational approaches and financial capacities, to maximize 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.
The third issue is 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 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.
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. 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 system accessible by all members. A reformed and fair multilateral trading system is vital for our future to be more equitable and inclusive.
Colleagues,
Breaking the stasis requires more than incremental changes; it demands bold, transformative action. The world looks to the G20 in this regard.
I thank you for your attention.