Syllabus: GS2/ International Relations
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 views on the three key areas of global governance reform, which includes;
- 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 become more interconnected and multipolar.
- Despite this, the UN, particularly the UN Security Council, is dominated by a few major powers.
- India’s Argument: The UN, especially the UNSC, struggles to deal with modern challenges like terrorism, climate change, or conflicts in diverse regions, due to its outdated structure.
- India has long sought permanent membership in the UNSC, asserting that the council should reflect the global distribution of power
Reform of the International Financial Architecture
- Current Situation: The International Monetary Fund (IMF) and the World Bank, which were established after World War II are now seen as inadequate to handle contemporary global challenges, such as the Sustainable Development Goals (SDGs) and climate change.
- India’s Argument: The Multilateral Development Banks (MDBs) should be reformed to focus on inclusive development, combating 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 by enforcing rules.
- However, concerns over protectionist policies, subsidies, and market-distorting practices by some countries have disrupted fair competition, especially for developing nations.
- India’s Argument: India advocates for a rules-based, nondiscriminatory, fair, open, inclusive, equitable and transparent multilateral trading system.
Concluding remarks
- By pushing for reforms at the UN, financial institutions, and in trade, India aims to ensure that these systems reflect the interests of all nations, particularly developing ones, rather than being skewed toward a few powerful countries.
- This aligns with India’s broader diplomatic efforts to advocate for a more multipolar world order.
Source: AIR
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