IBSA bats for early reform of UNSC

The three member bloc of India, Brazil and South Africa (IBSA) in a joint statement issued after External Affairs Minister Sushma Swaraj's meeting with her counterparts from the group emphasised the urgent need for a comprehensive reform of global institutions of political and economic governance. 

"In this context, they stressed the need for early reform of UN Security Council in order to make it more representative, inclusive, legitimate, and effective," the statement said. 

Swaraj met her counterparts Aloysio Nunes Ferreira Filho and Maite Nkoana Mashabane from Brazil and South Africa respectively on the sidelines of the annual UN General Assembly session yesterday. 

During the meeting, the three ministers discussed and exchanged views on global political situation, global economic and financial situation, reform of globalgovernance and sustainable development, the statement said. 

The IBSA leaders also highlighted their commitment towards democratic values, inclusive social development and further deepening and strengthening of the IBSA Dialogue Forum. 

The lawmakers noted that the existing comprehensive legal and institutional framework under IBSA, comprising of intergovernmental interaction and people to people fora for multifaceted mutually beneficial cooperation, provides a solid base to take the IBSA cooperation forward, the statement said. 

"The ministers stressed the importance of close coordination and cooperation among IBSA countries in various multilateral foraincluding the UN, GZO, BRICS, WTO, WIPO," it said. 

The leaders stressed that the IBSA Fund plays an important role in sharing of developmental experience of its countries for inclusive and sustainable growth and empowerment of thepeoples of developing countries. 

"The ministers exchanged views on furthering IBSA cooperation and thevarious work streams including exploring cooperation in Blue Economy," the statement added.