S Jaishankar Calls for Major Reforms at G20 Meeting in New York
On Wednesday, External Affairs Minister S Jaishankar spoke at the 2nd G20 Foreign Ministers’ Meeting during the UN General Assembly in New York. He emphasized that the United Nations needs to evolve with the world, stating, ‘The UN is a prisoner of the past.’ Jaishankar highlighted the need for reforms in global governance, particularly the UN Security Council, to better represent the Global South, including Asia, Africa, and Latin America.
Jaishankar also called for changes in the international financial system to address urgent development and climate challenges. He stressed the importance of making Multilateral Development Banks (MDBs) more effective and robust, building on progress made during India’s G20 presidency.
Additionally, Jaishankar advocated for reforms in the multilateral trading system to ensure fair competition and discourage protectionism. He urged for comprehensive changes in the World Trade Organization (WTO) to create a more inclusive and transparent trading environment.
Jaishankar concluded by calling for bold, transformative actions to make the global systems more equitable and inclusive, emphasizing the role of the G20 in driving these changes.
Doubts Revealed
S Jaishankar -: S Jaishankar is India’s External Affairs Minister, which means he is responsible for managing India’s relationships with other countries.
G20 -: G20 is a group of 20 major economies in the world, including countries like India, the USA, and China. They meet to discuss and solve global economic problems.
New York -: New York is a big city in the United States where many important meetings and events happen, including the United Nations meetings.
Global governance -: Global governance means the way countries work together to manage global issues like climate change, trade, and peace.
Financial systems -: Financial systems are the ways money is managed and moved around the world, including banks and stock markets.
Trade -: Trade is the buying and selling of goods and services between countries.
UN -: UN stands for the United Nations, an organization where countries come together to solve global problems and promote peace.
Global South -: Global South refers to countries in Africa, Latin America, and parts of Asia that are less economically developed compared to countries in the Global North like the USA and Europe.
Multilateral Development Banks -: Multilateral Development Banks are banks that provide financial help to countries for development projects like building roads and schools.
WTO -: WTO stands for the World Trade Organization, which helps countries make trade agreements and resolve trade disputes.
Protectionism -: Protectionism is when a country tries to protect its own businesses by making it harder for foreign goods to enter its market, often through taxes or rules.