External Affairs Minister S. Jaishankar delivered a compelling speech during the 2nd G20 Foreign Ministers’ Meeting under Brazil’s G20 Presidency, held on the sidelines of the 79th United Nations General Assembly (UNGA). His remarks addressed three major global issues—reform of the United Nations, the international financial architecture, and the multilateral trading system. Each of these areas is crucial in responding to current geopolitical realities and supporting the interests of developing nations, particularly the Global South.
Reforming the United Nations and Global Governance
Jaishankar began by stressing the urgent need for reforming the United Nations (UN), labeling it a “prisoner of the past.” He emphasized that the current structure, particularly the United Nations Security Council (UNSC), no longer reflects today’s geopolitical landscape. Since its inception in 1945, the number of UN members has grown fourfold, yet the UNSC has remained unchanged. As Jaishankar pointed out, the UNSC is increasingly unable to effectively fulfill its mandate of maintaining global peace and stability, thereby undermining its credibility.
He reiterated India’s long-standing demand for expanding both categories of UNSC membership to include underrepresented regions, especially Asia, Africa, and Latin America. According to Jaishankar, giving these regions a legitimate voice is essential for ensuring equitable global governance. Reforming the UNSC is not merely a political issue but an imperative for maintaining the council’s effectiveness in a multipolar world. Brazil, alongside other nations of the Global South, echoed similar sentiments, pushing for a more inclusive and reformed UN that would better reflect current global power dynamics.
Reforming the International Financial Architecture
Shifting focus to global financial structures, Jaishankar called for a reformed international financial system that can meet the urgent development challenges of the modern world, including addressing climate change. He argued that the Bretton Woods institutions, including the World Bank and International Monetary Fund (IMF), are outdated and ill-equipped to tackle today’s multifaceted challenges.
One of the most pressing concerns he highlighted was the financial gap for achieving Sustainable Development Goals (SDGs), which is estimated to be around USD 4 trillion annually. He called for strengthening Multilateral Development Banks (MDBs), advocating that they refine their vision and operational models to maximize development impacts. Significant steps were taken during India’s G20 presidency, and Jaishankar urged Brazil to continue this momentum. The reforms aim to scale development and climate finance from billions to trillions, making MDBs more expansive and effective in addressing global challenges.
Jaishankar’s emphasis on reforming financial institutions resonates with growing global demands for a fairer system that better supports developing countries. As these nations face escalating climate risks, they require greater access to finance for adaptation and mitigation. Brazil’s G20 Presidency has been aligned with this objective, continuing the work set during India’s leadership.
Multilateral Trading System and WTO Reforms
In his third key point, Jaishankar advocated for reforming the multilateral trading system, calling for a rules-based, non-discriminatory, and inclusive framework. He expressed India’s unwavering commitment to a transparent and equitable trading system, with the World Trade Organization (WTO) at its core.
Jaishankar criticized market-distorting practices and protectionism, advocating for a level playing field in international trade. He called for comprehensive reforms of the WTO to ensure it becomes more functional and accessible, with a fully operational and effective dispute settlement mechanism. According to Jaishankar, these reforms are vital for creating a more inclusive global trading system that enables every nation to flourish.
Given the current landscape, where global trade faces rising protectionism, such reforms are seen as critical for preventing trade imbalances. Brazil, along with many other Global South nations, shares India’s call for a reformed multilateral trading system, particularly to counteract the dominance of more developed economies in global trade discussions.
Also read: AI Sparks Job Growth, Hits Repetitive Roles: Deloitte South Asia CEO
The Broader Global South Perspective
Jaishankar’s speech highlights a broader consensus emerging within the Global South, calling for more inclusive global governance. Brazil, which assumed the G20 Presidency from India, also strongly supports reforms aimed at amplifying the voices of developing nations in international institutions. During the meeting, Brazilian Foreign Minister Mauro Vieira pointed out that institutions like the UN have failed to resolve major global conflicts, and without reforms, they risk losing credibility. Vieira’s stance reflects the frustrations of many Global South nations that feel marginalized in global decision-making processes, a point further amplified by China and South Africa.
As the world faces rising geopolitical tensions, from the Russia-Ukraine conflict to escalating concerns in the Middle East, the G20 offers a rare platform for dialogue between the Global North and South. However, bridging the divide between these regions remains a challenge, as evidenced by the difficulty in reaching consensus on issues like global governance reform. Nonetheless, the growing chorus of calls for change from the Global South is becoming increasingly difficult to ignore.
