Reform structures of global governance: India

Washington, Jun 26 (PTI) As the international community
struggles to overcome the global economic crisis, India Friday
called for reforms of the structures of global governance
including the United Nations and Bretton Wood Institutions.

"Any new thinking for a more sustainable global
economic system has to be based on a conscious policy where
there is a building up of the capacities of the poorer
countries and regions to play a healthy and equitable role in
tapping the potential of free market for their prosperity and
advancement," Minister of State for External Affairs Preneet
Kaur said.

Specific responses to the financial and economic crisis
must address both short-term needs, as well as the longer-term
imperatives of reforming structures of global governance,
including here at the UN and at the Bretton Woods
Institutions, Kaur said in her address to the UN Conference on
World Financial and Economic Crisis, being held at the UN
headquarters in New York.

These reforms, she articulated, need to redefine the
role of institutions of global economic and financial
governance to reflect contemporary realities of Friday while
being rooted in pragmatism and collaboration.

"It is imperative that in key decisions and decision-
making processes the voice and real participation of
developing countries is substantially strengthened and
increased," she said.

"The future shape of international governance,
including of international financial institutions (IFIs) and
the crafting of a new global financial architecture is,
perhaps, the most far-reaching element of reform for providing
global stability and security," Kaur argued.

At the United Nations, the General Assembly must be
revitalized along with a real reform of the Security Council.
"We believe that this requires expansion in both the permanent
and non-permanent categories of the Security Council and
reform of its working methods," she said.

India has been seeking a permanent place in the UN
Security Council.

"The present crisis has once again underscored the
need for the Economic and Social Council to be robust and
effective in coordinating global responses to global
challenges for a better quality of life for the vast majority
of humankind," she said.

At the Bretton Woods Institutions, the voice and quota
reform needs to be accelerated so as to make these
institutions responsive and effective as well as credible and
relevant in continuing to play vital roles in global economic
affairs, Kaur added. PTI