Pranab Mukherjee calls for revamping of IMF, World Bank

April 29th, 2008 - 10:23 pm ICT by admin  

New Delhi, Apr 29 (ANI): External Affairs Minister Pranab Mukherjee on Tuesday said that there was a need to revamp global governance system especially global institutions like International Monetary Fund (IMF) and World Bank.
Speaking at the session on “India’s Foreign Policy” at CII National Conference and Annual Session 2008 here today, he said a changed global order has created new challenges in the globe such as terrorism, environmental degradation and proliferation of weapons of mass destruction.
He added that to ensure that these global challenges don’t create social upheavals there is a need to have a broad based global strategy encompassing all the countries.
Mukherjee went on to say that the ideal strategy should be to create interdependence and create stakeholders in each others development.
He said that India’s foreign policy has been based on values and civilisational heritage and is not aimed at territorial expansion or at exporting ideology, adding that commitment to non - proliferation and responsible use of nuclear technology has been corner stone of India’s global strategy.
The External Affairs Minister said the country now enjoys good relationships with all global powers and added that India is now a strategic partner with almost dozen countries along with European Union.
Mukherjee, however, said this strategic partnership is not at the expense of other countries. He said India’s trade ties with regions of SAARC, BIMSTEC, ASEAN and IBSA are improving rapidly.
Talking about the issues pertaining to trade, he said that India remains committed to multilateral trading system and expressed hope that the ongoing Doha Round will meet its development dimension.
He said because of increased oil prices India now has to engage in oil diplomacy with countries such as Nigeria.
On climate change, he said that India is committed to fight climate change especially through adaptation and technology transfer.
The Central Government’s policy is focussed on securing increased trade and investment in areas of infrastructure and for securing energy supplies and access to technology, Mukherjee said. (ANI).

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