Multilateral institutions have failed to meet world's most pressing challenges: PM Modi at G20 FMs meeting

New Delhi: Prime Minister Narendra Modi on Thursday said that it should be acknowledged that it is a time of "deep global divisions" and that multilateral institutions have failed to meet the world's most pressing challenges.Addressing the opening meeting of the Foreign Ministers of G20 in New Delhi, he said, "We are meeting at a time of big global divisions. Naturally, this Foreign Ministers’ meeting will be affected by the geo-political tensions of the day. We all have our positions and perspectives as to how this tension should be resolved."In his recorded video message the Prime Minister said that the G20 has the capacity to build consensus and deliver concrete results. Several developing countries are "struggling with unsustainable debt" while trying to ensure food and energy security for their citizens, he added."The world looks upon the G20 to ease the challenges of growth, development, economic resilience, financial stability, corruption, terrorism and food and energy security," said the Prime Minister.He said India's G20 Presidency has tried to give a voice to the Global South."After years of progress, we are at risk today of moving back on the Sustainable Development Goals. Many developing countries are struggling with unsustainable debt while trying to ensure food and energy security for their people. They are also the ones most affected by global warming caused by richer countries. This is why India's G20 Presidency tried to give a voice to the Global South. No group can claim global leadership without listening to those most affected by its decisions," said the Prime Minister.Acknowledging that multilateralism is in a state of crisis in the world today, the Prime Minister pointed out the two main functions that were meant to be served by the architecture of global governance created after the Second World War have failed."The architecture of global governance, created after the Second World War, was meant to serve two functions. First, to prevent future wars by balancing competing interests. Second, to foster international cooperation on issues of common interest. The experience of the last few years - Financial crisis, climate change, pandemic, terrorism, and wars - clearly shows that global governance has failed in both its mandate," said PM Modi.He emphasised that resolutions for issues that cannot be addressed together should not come in the way of those that can be resolved.Underlining that the meeting is taking place in the land of Gandhi and the Buddha, PM Modi urged the excellencies to draw inspiration from India's civilizational ethos of focusing not on what divides us but on what unites us all.Throwing light on the thousands of lives lost in natural disasters and the disastrous pandemic that the world faced, the Prime Minister noted how global supply chains have broken down during times of stress and turmoil.Notably, the G20 foreign ministers' meeting began with a minute of silence, observed for Turkey's earthquake victims.Observing that stable economies were suddenly overwhelmed by debt and financial crisis, the Prime Minister stressed the need to show resilience in our societies, economies, healthcare systems and in infrastructure."The G20 has a critical role to play in finding the right balance between growth and efficiency on one hand and resilience on the other," the Prime Minister remarked.He suggested that this balance can be achieved more easily by working together. Concluding the address, the Prime Minister expressed confidence in the collective wisdom and ability and hoped that today's meeting would turn out to be ambitious, inclusive and action-oriented where resolutions are made while rising above differences.India's theme of 'One Earth, One Family, One Future' for its G20 Presidency, signals the need for unity of purpose and unity of action.With inputs from agenciesRead all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.