As the international community struggles to overcome the global economic crisis, India today called for reforms of the structures of global governance including the United Nations and Bretton Wood Institutions.
"Any new thinking for a more sustainable global economic system has to be based on a conscious policy where there is a building up of the capacities of the poorer countries and regions to play a healthy and equitable role in tapping the potential of free market for their prosperity and advancement," Minister of State for External Affairs Praneet Kaur said.
Specific responses to the financial and economic crisis must address both short-term needs, as well as the longer-term imperatives of reforming structures of global governance, including here at the UN and at the Bretton Woods Institutions, Kaur said in her address to the UN Conference on World Financial and Economic Crisis, being held at the UN headquarters in New York.
These reforms, she articulated, need to redefine the role of institutions of global economic and financial governance to reflect contemporary realities of today while being rooted in pragmatism and collaboration.
"It is imperative that in key decisions and decision- making processes the voice and real participation of developing countries is substantially strengthened and increased," she said.
"The future shape of international governance, including of international financial institutions (IFIs) and the crafting of a new global financial architecture is, perhaps, the most far-reaching element of reform for providing global stability and security," Kaur argued.
At the United Nations, the General Assembly must be revitalised along with a real reform of the Security Council. "We believe that this requires expansion in both the permanent and non-permanent categories of the Security Council and reform of its working methods," she said.
India has been seeking a permanent place in the UN Security Council.
"The present crisis has once again underscored the need for the Economic and Social Council to be robust and effective in coordinating global responses to global challenges for a better quality of life for the vast majority of humankind," she said.
At the Bretton Woods Institutions, the voice and quota reform needs to be accelerated so as to make these institutions responsive and effective as well as credible and relevant in continuing to play vital roles in global economic affairs, Kaur added.
