L'aquila (Italy), July 10 (ANI): The G8-G5 agreement on introducing reforms in international and financial institutions has buoyed India's hopes for a UNSC seat.
The proposal put forth by G-5 and agreed to by G-8, seeks to restructure institutions like the World Bank, The International Labour Organization (ILO), the World Trade Organisation (WTO) and the UN Security Council.
"This thread ran right through of how do we shape global governance to deal with the new situations today and to reflect current realities. There was mention of not just G-20 or G-14 but also of the MEF itself, of the need to reform UN structures, especially at the lunch because the UN Secretary General was there and so were the heads of the ILO, WTO, IMF, World Bank, there was lot of talk on how they need to be restructured ," said Foreign Secretary Shivshankar Menon.
"The international financial institutions, they need restructuring in over the next two years, In fact by 2012 they are supposed to restructure voting shares in the World Bank and the IMF but also talk of the UN Security Council," he added.
The avenue for reforms could pave way for India's bid for a seat in the UNSC.
India has again broached the subject of UNSC's expansion at the G-8 summit this year and British Prime Minister Gordon Brown, in a meeting with Manmohan Singh, had even expressed his support for New Delhi's demand to restructure the UNSC.
But Menon said, a lot needed to be done in this regard.
"We still have to do the hard work in the UN. For UNSC we have to do it in the UN. We have brought it in the UN to a stage where first time in the years actual negotiations are taking place. Its not just an open ended working group where opinions are rare, now there is actual negotiations under the under the president of UNGA from April this year. And this is one more step. All five of the permanent members have signed onto this. So we take it one more step at a time, we hope we can carry through," said Menon.
A place in the UNSC will enhance India's geopolitical situation and will give it a say in wide range of international affairs while giving it parity with global powers. By Naveen Kapoor (ANI)