BRICS Virtual Summit: PM Modi calls for urgent reforms in WTO, IMF and UN

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November 18, 2020 7:30 AM

The multilateral system is going through a crisis. Questions are being raised on the credibility and effectiveness of the institutions of global governance. They have not changed appropriately with the times,” Modi said, addressing a virtual summit of the BRICS – the 5-nation grouping comprising Brazil, Russia, India, China and South Africa.

Modi referred to the strength of India’s pharma sector to drive home the importance of ‘Aatmanirbhar Bharat’, a self-reliant India which was able to provide medicines to over 150 countries during Covid-lockdown era. (File photo)

Prime Minister Narendra Modi on Tuesday called for urgent reforms in International Monetary Fund, World Trade Organization and in the United Nations as important steps in strengthening multilateralism. “The multilateral system is going through a crisis. Questions are being raised on the credibility and effectiveness of the institutions of global governance. They have not changed appropriately with the times,” Modi said, addressing a virtual summit of the BRICS – the 5-nation grouping comprising Brazil, Russia, India, China and South Africa.

India will take over as the chair of BRICS after the summit and will host the 13th summit in 2021. “Being a founding nation of the UN, India has always upheld its values of multilateralism,” Modi said, calling for reforms in the UN to ensure its relevance. Modi also said nations supporting terrorism should be “brought to the book”. “Terrorism is the biggest problem facing the world today. We have to ensure that the countries that support and assist the terrorists are also blamed, and this problem is tackled in an organised manner,” Modi said.

Modi referred to the strength of India’s pharma sector to drive home the importance of ‘Aatmanirbhar Bharat’, a self-reliant India which was able to provide medicines to over 150 countries during Covid-lockdown era. “India’s vaccine production and distribution capacity will come to world’s aid during this pandemic,” Modi said, adding that a self-reliant India can play a pivotal role in shaping the post-Covid economic recovery and in the global supply chains.
Inviting investors from BRICS countries to support South Africa’s forthcoming “Third Investor Conference” to showcase the opportunities in the African nation, Ramaphosa also pointed out the trade and investment potential which would open up with the African Continental Free Trade Area (AFCFTA) which will come into operation on 1 January 2021. Brazilian President Jair Bolsonaro also echoed the consensus on reforming of the WTO to expedite global economic recovery.

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