'Bilateral ties key as multilateralism fades'

Bilateralism is emerging as a catalytic tool in a new global order while multinational institutions and their contributions are increasingly fading away, Union finance minister Nirmala Sitharaman on Thursday said, referring to a global churning where India has an advantageous place due to strong leadership of Prime Minister Narendra Modi.

- Rajeev Jayaswal

NEW DELHI:

"I'm glad to say that the leadership of Prime Minister Modi is conscious that India should be in a reckoning place as this churning is happening and the global reset is happening," she said at the annual summit of Business Standard.

She said the multilateral institutions helped the world order for about eight to nine decades "contributing somewhat a kind of stability" to the world economy. But in the last two decades, multilateral institutions are increasingly fading away and every attempt to revive them or energize them is not having the desired results, she said.