There is crying need to reform multilateralism: EAM Jaishankar

New Delhi: India on Saturday said that there is a crying need to reform multilateral institutions and the inability to take forward the process with respect to the the United Nations is costing the world each passing day.

The issue figured prominently at the third edition of the India-hosted Voice of Global South Summit which was attended by over 120 countries with a large number of them pitching for reforms in the multilateral institutions.

"There is a crying need to reform multilateralism if we are to revive its credibility. No nation really differs with this assessment," External Affairs Minister S Jaishankar said at the foreign ministerial session of the summit.

"But an inability to take that forward in respect of the United Nations is costing us more with each passing day," he said.

India has been consistently pressing for reform of multilateral institutions including the United Nations, the World Bank and the International Monetary Fund, arguing that they must reflect the realities of the current world.

"It is an undeniable fact that even as the global order faced critical challenges, solutions did not emerge from the multilateral domain," he said calling for revitalising multilateralism.

"The reason is both the obsolescence and the polarisation of multilateral organisations," he said.

"Here too, India has argued for reformed multilateralism and sought reform of Multilateral Development Banks through the G20. As a group, we need to press home our case," Jaishankar said.

In his opening address, the external affairs minister put across his views in four specific areas of strengthening economic resilience, climate change and energy transitions, revitalising multilateralism and democratising digital transformations.

On economic resilience, he said the experience of the COVID-19 pandemic, conflicts and climate events have driven home the necessity for reliable and resilient supply chains.

"Not just that, there is also an acute need to diversify production itself in various domains to de-risk the international economy," he said.

"What we earlier argued for in terms of socio-economic justice is today an equally compelling logic for the entire world in terms of predictability," he noted.

Jaishankar, delving into climate change, said risks, the cost of transition pathways and accessibility to resources are the three big issues.

"During our G20 Presidency, we strove to highlight 'just energy' transitions. We must work together as a family towards facilitating the flow of low-cost financing and critical technologies to the Global South," he said.

Jaishankar also underlined the importance of the digital public infrastructure.

"The 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 Global South partners," he said.

"They could also benefit from intra-South digital exchanges and cooperation," he said.

Jaishankar also talked about the impact of various conflicts and geopolitical tensions on the Global South.

"This gathering takes place as the world grapples with multiple conflicts, tensions and stresses. We, the nations of the Global South, are particularly impacted," he said.

"The purpose of this exchange of views is to define our interests through that process. Hence, the theme of this session -- Charting a Unique Paradigm for the Global South," he said.

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

"We must encourage a more proactive and willing culture in that regard. India, for example, is sharing India Stack and Digital Public Infrastructure solutions, and undertaking development projects in almost 80 nations, many of them as grants," he said.