New Delhi: External Affairs Minister S. Jaishankar issued a powerful call for the urgent restructuring of the international financial architecture on Friday, asserting that current global institutions are no longer capable of addressing the economic realities of the 21st century. Speaking at a BRICS session titled “Reforms of Global Governance and the Multilateral System” in New Delhi, the minister highlighted how recent crises in food and energy security, alongside vulnerable supply chains, have exposed the deep-seated limitations of the existing order. He urged for Multilateral Development Banks to be transformed into more responsive and robust entities, better prepared to mobilize the significant resources required by developing nations for both growth and climate action.
The minister’s address served as a sharp critique of a governance structure that many in the Global South believe remains tethered to a post-World War II era, disproportionately favouring Western interests. Jaishankar argued that while the world has become increasingly interconnected and multipolar, the mechanisms intended to manage it have remained stagnant. He advocated for a model of “reformed multilateralism” that accurately reflects contemporary geopolitical shifts, ensuring that emerging markets are no longer sidelined in critical decision-making processes. Central to this vision is a meaningful expansion of the United Nations Security Council, where the minister insisted that greater representation for Asia, Africa, and Latin America is essential to restoring the institution’s legitimacy.
Beyond financial and diplomatic structures, Jaishankar also focused on the necessity of a fairer global trading system. He warned that the concentration of supply chains and non-market practices have introduced fresh risks to the global economy, making the case for a more inclusive World Trade Organization. By pushing for text-based negotiations on UN reforms, the minister signalled that India is moving beyond general debate toward a more active and demanding diplomatic phase. As New Delhi prepares to host the BRICS Summit later this year, these remarks underscore India’s commitment to bridging global divides while championing a more democratic and equitable international order that addresses the unique challenges of the developing world.
