New Delhi: Prime Minister Manmohan Singh on Thursday said that the global institutions should evolve and change for accommodating new reality in the multilateral framework.
Addressing the London School of Economics Asia Forum, he said restructuring of United Nations and UNSC was as important as reforms in global trading regime.
"This is as true for the reform and revitalisation of the UN and the restructuring of the UNSC, as it is true for the management of multilateral trading regime, for the protection of global environment and the security of energy supplies," Singh said.
Singh added that the West should come to terms with the consequences of the rise of Asia.
"Just as the world accommodated the rejuvenation of Europe in the post-War period, it must accommodate the rise of new Asian economies in the years ahead," he added.
Talking about India and China’s share in the world GDP, Singh said that both the countries are bound to regain a considerable part of their share, which they had lost during the two centuries of European colonialism.
China has already trebled its share of world GDP over the past two decades while India has doubled it.
While Japan would continue to be at the top in the foreseeable future, the newly industrialising economies of East and South East Asia would also grow, even if not at rates witnessed in the past two decades.
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