External Affairs Minister S Jaishankar on Friday made a strong pitch for urgent reforms of the international financial architecture, saying existing global institutions have failed to keep pace with emerging economic realities and growing challenges faced by developing nations.Addressing the BRICS session on “Reforms of Global Governance and the Multilateral System” in New Delhi, Jaishankar said that vulnerabilities in supply chains, food and energy insecurity, and unequal access to critical resources had exposed serious limitations within the current global financial order.“There is an urgent need to reform the international financial architecture,” Jaishankar said, calling for Multilateral Development Banks to become “more robust, more responsive and better equipped to mobilise resources at scale”.The BRICS Foreign Ministers’ Meeting, being hosted by India under its current presidency of the grouping, has brought together foreign ministers and senior representatives from member and partner countries ahead of the BRICS Summit scheduled later this year in New Delhi.He also stressed that development and climate finance must become more accessible and aligned with the priorities of developing countries.The minister’s remarks came amid growing calls from the Global South for restructuring global economic institutions that many countries argue continue to disproportionately reflect Western dominance despite the rise of emerging economies.Jaishankar said the world today was “more interconnected, complex and multipolar” than when many global institutions were originally created, but governance structures had failed to evolve accordingly.“The structures that underpin global governance have not kept pace with these changes,” he said, adding that the effectiveness and credibility of multilateralism were now under increasing scrutiny.The External Affairs Minister reiterated India’s long-standing demand for “reformed multilateralism” that reflects contemporary geopolitical and economic realities and gives greater voice to emerging markets and developing nations.Making a broader case for institutional reform, Jaishankar said restructuring of the United Nations, particularly the Security Council, remained central to restoring faith in multilateral institutions.“Without meaningful reform, including expansion in both permanent and non-permanent categories, the effectiveness and credibility of the UN will remain constrained,” he said, while underlining the need for greater representation for Asia, Africa and Latin America.He also called for moving towards text-based negotiations on UN reforms, saying discussions could no longer remain confined to general debates.The minister further pushed for reforms in the multilateral trading system, warning that non-market practices, concentration of supply chains and uncertain market access had exposed the global economy to fresh risks.“A rules-based, fair, open and inclusive trading system, with the WTO at its core, remains essential,” he said, while adding that global trade mechanisms must also address asymmetries affecting developing nations.Jaishankar asserted that reforms must go beyond institutional restructuring and extend to decision-making processes as well.“Multilateralism must be democratic, representative and effective,” he said.Emphasising India’s broader diplomatic approach, the minister said New Delhi remained committed to dialogue, cooperation and bridging differences in an increasingly polarised global environment.“Cooperation is essential. Dialogue is necessary. Reform is overdue,” Jaishankar said in his concluding remarks, urging BRICS nations to collectively shape a “more democratic, representative and equitable international order”.