India has expressed hope that UN development system will respond to the evolving requirements of South-South cooperation and initiatives like the India-Brazil-South Africa (IBSA) fund to assist the developing countries.
"With the fast paced changes on the South-South cooperation landscape, the United Nations needs to catch up with this new reality by responding to its paradigms and not seek to fit them into the traditional North-South aid construct," Indian Ambassador to the UN, Asoke Mukerji said here yesterday in an event.
The event titled 'IBSA Fund in Partnership with the UN: Symbol of South-South Cooperation and Solidarity' was organised on the sidelines of the 18th Session of the High Level Committee on South-South Cooperation.
"We do hope that the UN Development System can respond to these evolving requirements and through partnerships such as the IBSA Fund, assist developing countries in replicating success stories," he said.
During his address, UN Secretary General Ban Ki-moon congratulated India, Brazil and South Africa as well as their 13 partner countries in the fund for advancing the "innovative, responsive" and Southern-led success.
Ban said the fund, spearheaded by three developing countries who are themselves dealing with their own development challenges, embodies a spirit of solidarity and demonstrates the resolve of emerging economies to contribute to global development.
"South-South Cooperation can provide novel and needed support through development assistance as well as increased South-South trade, investment, migration and capital flows, and knowledge transfer. These efforts also serve to complement important North-South cooperation," Ban said.
Mukerji said the South does not see it as a burden to help a fellow partner.
The IBSA Fund is exercised in solidarity which is initiated only at the explicit request of a developing partner, and not imposed from outside.
