"Prisoners of the past..." EAM Jaishankar's blunt message to UN at G20 2nd Foreign Ministers Meeting

ANI News

25 Sept 202405:59

Summary

TLDRThe speaker calls for urgent reforms in global governance, highlighting the need to modernize the UN and address underrepresentation in the Security Council. They emphasize the importance of transforming international financial institutions to tackle development and climate challenges, withMDBs playing a key role. Lastly, they advocate for a fair, inclusive WTO-led multilateral trading system and comprehensive WTO reform for a more equitable global future.

Takeaways

🌐 The world has become more interconnected and multipolar, with a significant increase in UN members.
🔒 The UN is seen as stuck in the past, which affects the Security Council's ability to maintain global peace and stability.
🗣️ There is a call for increased representation for Asia, Africa, and Latin America in the UN to ensure a legitimate voice for the global South.
💼 The G20 has emphasized the need to expand development and climate finance significantly.
🏦 International financial institutions must adapt to address persistent development challenges and climate change.
💵 MDBs (Multilateral Development Banks) are urged to enhance their capacity to meet the financing gaps for sustainable development goals (SDGs).
🌱 India's G20 presidency focused on making MDBs more robust, expansive, and effective.
🛑 India is committed to a fair, open, inclusive, and transparent multilateral trading system with the WTO at its core.
🚫 Market distorting practices and protectionism must be discouraged to foster a favorable trade and investment environment.
🌟 Comprehensive reform of the WTO is necessary for a fully operational and effective dispute settlement system accessible by all members.

Q & A

What is the main issue with the current United Nations (UN) structure according to the script?
-The main issue is that the UN remains a prisoner of the past, with its membership having increased fourfold since its inception, yet the UN Security Council struggles to maintain international peace and stability, undermining its effectiveness and credibility.
Which regions are mentioned as being underrepresented in the UN?
-Asia, Africa, and Latin America, collectively referred to as the global South, are mentioned as being underrepresented and needing a legitimate voice in the UN.
What is the call to action for the UN Security Council?
-The call to action is to reform the UN and its subsidiary bodies, including expansion in both categories of UN membership, particularly in the permanent category, to ensure proper representation and effectiveness.
What did the G20 leaders encourage the Multilateral Development Banks (MDBs) to do?
-The G20 leaders encouraged MDBs to refine their vision, incentive structures, operational approaches, and financial capacities to maximize their development impact and to expand development and climate finance from billions to trillions.
What is the estimated financing gap for Sustainable Development Goals (SDGs)?
-The financing and investment gaps for SDGs are estimated to be up to $4 trillion annually, which need to be addressed urgently.
What is India's stance on the multilateral trading system?
-India is committed to a rules-based, non-discriminatory, fair, open, inclusive, equitable, and transparent multilateral trading system with the World Trade Organization (WTO) at its core.
What does India support in terms of policies to foster trade and investment?
-India supports policies that foster trade and investment, enabling every nation to flourish in an interconnected and dynamic world while ensuring a truly level playing field and fair competition.
What is India's call to action for the WTO?
-India calls for a comprehensive reform of the WTO to enhance its functions through an inclusive, member-driven, and transparent process, and to realize a fully operational and effective dispute settlement mechanism accessible by all members.
What is the significance of the 2024 G20 road map mentioned in the script?
-The 2024 G20 road map is significant as it builds on the New Delhi mandate and the recommendations of the 2023 G20 independent expert group on strengthening MDBs, aiming for better, bigger, and more effective MDBs.
What does the script suggest is needed to break the stasis in global governance?
-The script suggests that breaking the stasis requires more than incremental changes; it demands bold, transformative action.
What role does the script assign to the G20 in global governance reform?
-The script assigns the G20 a leading role in driving global governance reform, with the world looking to the G20 for bold transformative action.

Outlines

00:00

🌍 UN Reform and Global Governance

The paragraph discusses the need for reform in the United Nations (UN) and its subsidiary bodies, highlighting that despite the world's evolution into a smart, interconnected, and multipolar arena with a fourfold increase in UN members since its inception, the UN remains stuck in the past. This outdated structure leads to the UN Security Council's struggle to maintain international peace and stability, undermining its effectiveness and credibility. The paragraph emphasizes the necessity for Asia, Africa, and Latin America to have a legitimate voice in global governance. It also touches on the G20's call for expanding development and climate finance, urging Multilateral Development Banks (MDBs) to refine their vision, incentive structures, operational approaches, and financial capacities to maximize their development impact. India's commitment to a fair, open, inclusive, equitable, and transparent multilateral trading system with the World Trade Organization (WTO) at its core is also mentioned, stressing the importance of a reformed and fair multilateral trading system for a more equitable and inclusive future.

05:01

📈 Reforming International Financial Architecture and WTO

This paragraph focuses on the reform of the international financial architecture, emphasizing the need for Bretton Woods institutions to address persistent development challenges and pressing climate change issues. It points out that neither the MDBs nor the orthodox global financial system were designed to handle these challenges, and there is an urgent need to address the financing and investment gaps for Sustainable Development Goals (SDGs), estimated at up to $4 trillion annually. The paragraph acknowledges the progress made during India's G20 presidency and the continuation of this momentum under Brazil's presidency, with the 2024 G20 roadmap aiming for better, bigger, and more effective MDBs. Lastly, it calls for comprehensive reform of the WTO to enhance its functions through an inclusive, member-driven, and transparent process, ensuring a level playing field and fair competition by discouraging market distorting practices and protectionism.

Mindmap

Keywords

💡Interconnected

Interconnected refers to the state of being linked or joined together, often used to describe the globalized nature of modern societies and economies where actions in one part of the world can have effects on others. In the context of the video, it underscores the need for international cooperation and the recognition that global challenges require collective solutions, as evidenced by the mention of a 'smart, interconnected, and multipolar Arena'.

💡Multipolar

Multipolar describes a geopolitical situation where power is distributed among several nations or groups, as opposed to being dominated by one or two. The script discusses the evolution of the world into a multipolar arena, indicating a shift from a unipolar or bipolar world order, where multiple countries have significant influence on global affairs, necessitating a more inclusive approach to global governance.

💡UN Reform

UN Reform refers to the process of updating and improving the structure and operations of the United Nations to better serve its member states and address contemporary global challenges. The script highlights the need for reforming the UN and its subsidiary bodies to reflect the current geopolitical landscape and to ensure that all regions, including Asia, Africa, and Latin America, have a legitimate voice in global decision-making.

💡Global South

The term 'Global South' typically refers to countries in the Southern Hemisphere that are often economically developing and underrepresented in global institutions. The script emphasizes the necessity of giving the Global South a more significant voice in international affairs, reflecting a call for greater equity and representation in global governance.

💡International Financial Architecture

International Financial Architecture refers to the system of international financial institutions and regulatory frameworks that govern global economic activities. The script discusses the need for reform in this architecture to address persistent development challenges and climate change, indicating that current institutions may not be adequately equipped to handle these issues.

💡MDBs

MDBs stands for Multilateral Development Banks, such as the World Bank, which provide financial and technical support for development projects in emerging economies. The script mentions MDBs in the context of needing to be more robust, expansive, and effective, particularly in financing and investment for sustainable development goals (SDGs), highlighting the crucial role they play in global development.

💡SDGs

SDGs stands for Sustainable Development Goals, a collection of 17 global goals set by the United Nations to be achieved by 2030. The script points out the financing and investment gaps for SDGs, which are estimated to be up to $4 trillion annually, underscoring the urgency of addressing these gaps to achieve sustainable development worldwide.

💡Multilateral Trading System

A Multilateral Trading System refers to a set of international rules, agreements, and institutions that govern trade between countries. The script emphasizes India's commitment to a fair, open, inclusive, and transparent multilateral trading system with the WTO at its core, advocating for policies that foster trade and investment to enable every nation to flourish.

💡WTO

WTO stands for the World Trade Organization, which is responsible for overseeing and mediating trade relations among its member countries. The script calls for a comprehensive reform of the WTO to enhance its functions and ensure a level playing field in global trade, reflecting the importance of a rules-based system for fair competition.

💡Dispute Settlement Mechanism

A Dispute Settlement Mechanism is a process by which disagreements between countries regarding trade practices are resolved. The script mentions the need for a fully operational and effective dispute settlement system that is accessible by all members, indicating the importance of such mechanisms in maintaining a fair and rules-based trading system.

💡Equitable and Inclusive

Equitable and Inclusive refer to the principles of fairness and the inclusion of all parties, especially those that have been historically marginalized or underrepresented. The script repeatedly emphasizes the need for a more equitable and inclusive future, suggesting that reforms in global governance, financial architecture, and trade systems should aim to benefit all countries and people.

Highlights

The world has evolved into a smart, interconnected, and multipolar arena.

The UN's membership has increased fourfold since its inception.

The UN Security Council struggles to maintain international peace and stability.

Asia, Africa, and Latin America are underrepresented in the UN.

G20 leaders call for expanding development and climate finance from billions to trillions.

MDBs are encouraged to refine their vision, incentive structures, and operational approaches.

India is committed to a rules-based, non-discriminatory, fair, open, inclusive, equitable, and transparent multilateral trading system.

A reformed and fair multilateral trading system is vital for a more equitable and inclusive future.

Reform of the UN and its subsidiary bodies is necessary due to the world's evolution.

Expansion in both categories of UN membership is required for effectiveness.

The global South must be given a legitimate voice in the UN.

Reform of the International Financial architecture is needed to address persistent development challenges and climate change.

MDBs must be made more robust, expansive, and effective to address financing and investment gaps for SDGs.

India's G20 presidency made significant strides in reforming MDBs.

Reform of the multilateral trading system is essential with the WTO at its core.

India supports policies that foster trade and investment for every nation to flourish.

Market distorting practices and protectionism must be discouraged for a fair trade and investment environment.

Comprehensive reform of the WTO is needed for an inclusive, member-driven, and transparent process.

A fully operational and effective dispute settlement mechanism is crucial for the WTO.

Breaking the stasis in global governance requires bold, transformative action.