Global governance has failed today: PM Modi at G20 Foreign Ministers of G-20

Prime Minister Narendra Modi on Thursday said that multilateralism is in crisis today and global governance has failed in the last two years.

He began his speech by saying that India selected the theme of 'One Earth, One Family, One Future' for its G20 Presidency as it signals the need for unity of purpose and unity of action the G20 meeting today will reflect this spirit of coming together for achieving common and concrete objectives.

"We must all acknowledge that multilateralism is in crisis today. The architecture of global governance created after the Second World War was to serve two functions. First, to prevent future wars by balancing competing interests. Second, to foster international cooperation on issues of common interests. 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 mandates. We must also admit that the tragic consequences of this failure are being faced most of all by the developing countries.

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 has tried to give a voice to the Global South. No group can claim global leadership without listening to those most affected by its decisions," a statement from his office said.

The meeting is held at a time of deep global divisions, he said. "As Foreign Ministers, it is but natural that your discussions are affected by the geo-political tensions of the day. We all have our positions and our perspectives on how these tensions should be resolved. However, as the leading economies of the world, we also have a responsibility towards those who are not in this room," the Indian Prime Minister stated.

Addressing the Opening Segment of G20 Foreign Ministers' meeting. @g20org https://t.co/s73ypWruBf

— Narendra Modi (@narendramodi) March 2, 2023

The world looks upon the G20 to ease the challenges of growth, development, economic resilience, disaster resilience, financial stability, transnational crime, corruption, terrorism, and food and energy security, he added. "In all these areas, the G20 has the capacity to build consensus and deliver concrete results. We should not allow issues that we cannot resolve together to come in the way of those we can. As you meet in the land of Gandhi and the Buddha, I pray that you will draw inspiration from India's civilizational ethos - to focus not on what divides us, but on what unites us all," he added.

According to him, the world looks upon the G20 to ease the challenges of growth, development, economic resilience, disaster resilience, financial stability, transnational crime, corruption, terrorism, and food and energy security. The PM stated, In all these areas, the G20 has capacity to build consensus and deliver concrete results. We should not allow issues that we cannot resolve together to come in the way of those we can. As you meet in the land of Gandhi and the Buddha, I pray that you will draw inspiration from India's civilizational ethos - to focus not on what divides us, but on what unites us all.

In recent times, we have seen the most disastrous pandemic of a century. We have witnessed thousands of lives lost in natural disasters. We have seen global supply chains break down during times of stress. We have seen stable economies suddenly overwhelmed by debt and financial crisis. These experiences clearly show the need for resilience in our societies, in our economies, in our healthcare systems, and in our 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. We can reach this balance more easily by working together. That is why your meeting is important. I have full trust in your collective wisdom and ability. I am sure that today's meeting will be ambitious, inclusive, action-oriented, and will rise above differences," he concluded.