External affairs minister Subrahmanyam Jaishankar on Saturday called for the need to reform multilateralism.
During his address at the third India-hosted virtual Voice of the Global South Summit, the minister said,"There is a crying need to reform multilateralism if we are to revive its credibility. No nation really differs with this assessment. But an inability to take that forward in respect of the United Nations is costing us more with each passing day."
Here are top 10 things Jaishankar said in his address:-
1. Jaishankar said that access to finance and tech remained the keys to unlock 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. You will recall our contribution of vaccines to almost a 100 countries during the Covid-19 pandemic,” he said.
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2. Citing the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Global Biofuel Alliance, Mission LIFE or International Big Cat Alliance, the minister called for “greater willingness” for acting on issues of common interest.
3. Referring to the increasing use of financial sanctions, Jaishankar said,"We have all experienced how our exposures and vulnerabilities are leveraged. At the same time, there has also been an increasing use of sanctions, especially financial. This will continue till we develop other options."
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4. “For us in the Global South, the lesson is to intensify our own interactions. This means more trade, investments, collaboration, training, etc. Trade settlements in our own currencies and fintech solutions are also desirable,” he added.
5. Earlier in the first session, Jaishankar had referred to the Covid-19 pandemic, conflicts and climate events. He stressed on the need for reliable and resilient supply chains.
6. He also called for the need to “diversify production itself in various domains to de-risk the international economy.”
“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,” Jaishankar added.
7. “The risks of climate change, the cost of transition pathways and accessibility to resources are the three big issues of the ongoing debate. During our G20 Presidency, we strove to highlight Just Energy Transitions,” the external affairs minister said.
“We must work together as a family towards facilitating the flow of low-cost financing and critical technologies to the Global South,” he added.
8. Citing global critical challenges, Jaishankar said that solutions did not come from the multilateral domain. “The reason is both the obsolescence and the polarization of multilateral organizations. 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,” the minister said.
9. Jaishankar lauded digital public infrastructure as the “key driver of the transformation” in India.
10. Jaishankar said some of the country's experiences “will be of interest to Global South partners. They could also benefit from intra-South digital exchanges and cooperation.”
3. Referring to the increasing use of financial sanctions, Jaishankar said,"We have all experienced how our exposures and vulnerabilities are leveraged. At the same time, there has also been an increasing use of sanctions, especially financial. This will continue till we develop other options."
ALSO READ: Jaishankar's veiled jab at Pakistan: ‘Perpetrators, facilitators of terrorism…’
4. “For us in the Global South, the lesson is to intensify our own interactions. This means more trade, investments, collaboration, training, etc. Trade settlements in our own currencies and fintech solutions are also desirable,” he added.
5. Earlier in the first session, Jaishankar had referred to the Covid-19 pandemic, conflicts and climate events. He stressed on the need for reliable and resilient supply chains.
6. He also called for the need to “diversify production itself in various domains to de-risk the international economy.”
“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,” Jaishankar added.
7. “The risks of climate change, the cost of transition pathways and accessibility to resources are the three big issues of the ongoing debate. During our G20 Presidency, we strove to highlight Just Energy Transitions,” the external affairs minister said.
“We must work together as a family towards facilitating the flow of low-cost financing and critical technologies to the Global South,” he added.
8. Citing global critical challenges, Jaishankar said that solutions did not come from the multilateral domain. “The reason is both the obsolescence and the polarization of multilateral organizations. 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,” the minister said.
9. Jaishankar lauded digital public infrastructure as the “key driver of the transformation” in India.
10. Jaishankar said some of the country's experiences “will be of interest to Global South partners. They could also benefit from intra-South digital exchanges and cooperation.”