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India, Brazil, SA push for reforms in UNSC, IMF
The 5th India-Brazil-South Africa (IBSA) summit, which started on Tuesday, made a strong pitch for global governance reforms in multilateral international bodies including the United Nations Security Council (UNSC) and International Monetary Fund (IMF).
The 5th India-Brazil-South Africa (IBSA) summit, which started on Tuesday, made a strong pitch for global governance reforms in multilateral international bodies including the United Nations Security Council (UNSC) and International Monetary Fund (IMF).
It also set a trilateral agenda for itself to expand collaboration among the three developing democracies.
Such reforms are necessary if these bodies are to retain legitimacy and reflect the changing international order, said a joint statement issued on Tuesday after talks between Prime Minister Manmohan Singh, Brazilian President Dilma Rousseff and South African President Jacob Zuma.
The declaration, titled Tshwane Declaration, emerged after extensive deliberations at the magnificently landscaped Presidential Guest House.
The three leaders underscored the urgent need to reform the UNSC, including an expansion in both permanent and non-permanent categories of its membership, with increased participation of developing countries in both.
“Such reform is of utmost importance for the UNSC to reflect the representativeness and legitimacy it needs to face contemporary challenges,” the declaration said.
The countries are non-permanent members of the UNSC.
The IBSA leaders also discussed the G4 initiative on UNSC expansion and improvement of its working methods. The G4 coalition comprises India, Brazil, Germany and Japan.
“IBSA, as like-minded countries, will continue to strive to contribute to a new world order whose political, economic and financial architecture is more inclusive, representative and legitimate,” the declaration said.
IBSA also called for reforms of the IMF relating to its mandate, representation, scope, governance, responsibility, responsiveness and development orientation in order to ensure that the Fund is democratic, responsive and accountable.
“The governing structure of the IMF should reflect the changed realities of the global economy in the 21st century, through the increased voice and representation of emerging economies and developing countries,” the declaration said.
