United Nations: Making a case for urgent reform of structures of global governance, India has said that developing countries should be ensured due participation in the decision making mechanism of international economic and financial institutions.
"The continuance of economic vulnerabilities and new and emerging challenges with intertwined complexities of globalisation demand an urgent reform of the structures of global governance," Minister of State for External Affairs E Ahamed said at the General Debate of the Second Committee here yesterday.
He said despite concerted efforts, the global economic situation remains one of deep concern with unemployment, food and energy concerns running high.
"It is imperative that developing countries are given due voice and participation in the decision making structures of the global economic and financial institutions," he said.
Ahamed said that the move would also help address core concerns of the Least Developed Countries, Landlocked Developing Countries, Small Island Developing States and countries in Africa on debt sustainability, financial assistance, trade and development.
He also reiterated the need for urgent reform of the UN Security Council, including expansion of the permanent and non-permanent categories and revitalisation of the General Assembly.
He said the task before the Second Committee, which focuses on area of global finances and economics, is well laid out.
The key outcomes from the RIO+20 Summit on sustainable development goals, financing strategy and technology mechanism need to be pursued and implemented in a time bound manner.
First Published: Tuesday, October 9, 2012, 13:28