SME Times News Bureau | 31 Aug, 2019
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
Addressing an event in Hyderabad, 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, the Vice President 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.
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 stressed.
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, he added.
Pointing out that the world was more connected
than ever before in this era of globalization, Shri Naidu said “The Global
Village we have grown accustomed to is rapidly changing in unprecedented ways.
This swiftly changing global geo-political and geo-economic landscape requires
individual countries to come up with carefully strategized, dynamic and
Observing that the older patterns of trade and
commerce were undergoing paradigm shift and that the rules-based,
anti-discriminatory and the all-inclusive multilateral trading system was
facing an uncertain future, he cautioned that such a situation would benefit no
“But it is the developing countries which are
feeling left out from the processes of economic cooperation and have to suffer
the maximum consequences from the fallout”, he added.
In the face of the ongoing transformations, the
Vice President said it becomes all the more important that we support the efforts
towards making global governance more representative by ensuring greater
participation of emerging markets and developing countries in global
He said that India was the world’s sixth largest
economy, contributing over 15% to the global economic growth, and was poised to
contribute to the global economic strength for the next many decades.
The Vice President said that India was placing
special focus on improving connectivity infrastructure with neighboring
countries both at the bilateral level and through regional forums like BIMSTEC
and Indian Ocean Region (IOR) for expanding intra-regional trade.
Asserting that India would support all efforts to
keep oceans open, secure and free for the benefit of all, he said that India’s
vision of Indo-Pacific was also rooted in advocacy of SAGAR- Security and
Growth for All in the Region.
The Vice President said that during his official
visits to Africa, Asia and Latin America, he had personally witnessed the
tremendous potential for stronger economic and investment ties with countries
of the South. “There are many complementarities, which can be harnessed for
mutual benefit”, he added.