Need for ‘reforms’ in global institutions to effect better global governance: Tharoor

Reforms were the need of the hour to take care of the global diversity, Tharoor said on Monday while delivering the dean’s address at the sixth edition of Asian Forum of Global Governance (AFGG) here. Pointing out that New Development Bank, an initiative from the BRICS, was a message to the dominant nations of the world to reform, he said “multiple competitive versions of globalisation” could be a better alternative to globalisation. A total of 50 young leaders from 33 countries were participating in this year’s forum, organised by Observer Research Foundation and ZEIT Stiftung Ebilin und Gerd Bucerius, Germany. 

The theme for this year forum was ‘Navigating the New Normal’. “This is the biggest foreign policy test in this century described as the century of Asia. It is also its biggest economic challenge and if the resolution of this contest between multi-lateralism and multi-polarity can be achieved,” Mr Tharoor said. He argued that there was enough funds available in the pension, insurance and mutual funds to develop the entire planet into a developed world, but it had not been possible because of poor global governance.

Tracing the history of post-World War, cold war, unipolar world and now multi-polar world, Mr Tharoor said, “The multi-lateral institutions have proved that they have capacity and capability to deliver and so we should strengthen them further through reforms”. Speaking on the occasion, Director of ORF, Sunjoy Joshi, Director, called for creating “flexible adaptable institutions, attitudes and minds which can confront challenges”. 

The need of the day was a multilateral approach to issues, he added. Chairman and CEO of SEIT Stiftung, Germany, Michael Goring, said globalisation had made all a small world and it had made inter-dependence very important. He pointed out that terrorism and climate change as two of the biggest challenges people were facing all over the world.

The ten-day forum would be addressed by top leaders, practitioners and experts. The valedictory address would be given by President Pranab Mukherjee on October 25.

Other important leaders who would address the forum include Civil Aviation Minister Jayant Sinha, Greek Ministry of Foreign Affairs Director General Dimitris Paraskevopoulos, WTO Development Division director Shishir Priyadarshi, Germany’s Special Representative for Afghanistan and Pakistan Sabine Sparwasser, MEA Secretary (West) Sujata Mehta and other prominent academicians and policy-makers.