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 Venkaiah calls for reforms in International Political, financial institutions
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Venkaiah calls for reforms in International Political, financial institutions

Agency News

Hyderabad, Aug 31: Vice President M Venkaiah Naidu has called for bringing about the much-needed reforms in international political, financial and business institutions to make them more representative of the ground realities. Addressing the inaugural session of ‘Deccan Dialogue II - Economic Diplomacy in the Age of Disruptions’ organized jointly by the Ministry of External Affairs and the Indian School of Business (ISB) here on Saturday, he said that India supports a rules-based multilateral order to tackle many common challenges such as climate change, technology divide, trade disputes, terrorism, connectivity and maritime threats.

Observing that India and other developing countries when faced with issues of unilateralism and protectionism had made a clarion call to reform the multilateral system so that developing countries have a greater say in global governance, he said “what we need is reformed multilateralism to face the headwinds of protectionist tendencies”. Pointing out that India represented 1/6th of the global population, the Vice President also called for enlarging and democratizing the UN Security Council. Stating that the 21st century was being hailed as the Asian century and India has a key role to play in promoting peace, security and development in Asia and beyond, he said enhanced regional connectivity, both physical and digital, can boost trade and play a pivotal role in bringing prosperity and development.

However, such initiatives to be successful and sustainable should be transparent, inclusive and respect the principles of sovereignty and territorial integrity, he added. In this context, he said that India believed in peaceful co-existence and was not a war monger. “We don’t want anybody to interfere in our internal affairs”, he asserted and added that India would give a befitting reply if anybody tried to interfere in its internal affairs. Mr Naidu said that embracing new technologies was a must for developing countries to leap-frog into the 4th industrial revolution and to positively transform the lives of people.

“For this to happen, we need to look at appropriate frameworks for international cooperation at the global and regional levels that can avoid the digital divide and ensure that the 4th industrial revolution is an inclusive one”, he added. The Vice President also asserted that India stands for an open, secure, stable, accessible and non-discriminatory environment for ICT and digital technologies. India upholds the centrality of the United Nations in discussions on ICT-related security issues, Mr Venkaiah said.UNI