Kathmandu, Oct 23: Finance Minister Dr Swarnim Wagle and Indian External Affairs Minister Dr. S. Jaishankar have engaged in a dialogue on forms and future of international collaboration in changing global situation.
At a session held as part of the 'NDTV World Summit 2026' organized by the Indian television channel NDTV, today, the discussion between two leaders focused on changes in the world order, the future of multilateral cooperation, and the need for regional and sub-regional partnerships.
At the summit’s session titled 'The Geopolitics of Sovereign Choice,' Indian Foreign Minister Dr. Jaishankar was the keynote speaker while Finance Minister Dr. Wagle was a guest speaker.
Finance Minister Wagle recalled that the world after the end of the Cold War prioritized multilateralism in trade and economic sectors, but in recent years its foundation has been weakening.
He raised questions about the potential to institutionalize bilateral, trilateral, and regional cooperation in areas like disaster response, nutrition, energy, and clean energy amid the expansion of trade blocs and the rise of global fragmentation.
Dr. Wagle also questioned whether efforts at international cooperation should be strengthened through formal institutional structures or advanced based on mutual understanding between partner countries.
In response, Indian Foreign Minister Jaishankar said that over the past two decades, countries have been emphatically moving towards practical cooperation rather than formal commitments.
According to him, a lot of time can be spent on mutual talks, administrative processes, financial responsibilities, and rule-making while building formal institutional structures.
Noting that such arrangements are suitable where formal structures are necessary, he viewed that not all cooperation needs to be tied to institutional frameworks.
Presenting the International Solar Alliance as an example of formal cooperation, he said the nature of cooperation can vary depending on the topic, partners, and the level of commitment.
Stating that such provisions are appropriate in areas where a formal framework is required, the Finance Minister expressed the view that formal institutional frameworks are necessary in certain areas, but not all forms of cooperation need to be bound by such structures. Citing the International Solar Alliance as an example of formal cooperation, he said that the nature of collaboration can vary depending on agenda, the partners involved, and the level of commitment.
Referring to BRICS, Jaishankar said the grouping does not have its own secretariat and is not a charter signed by all its members. He highlighted the structural differences between BRICS and the Shanghai Cooperation Organization, adding not all mechanisms for cooperation need a single, uniform framework.
"If you ask me about the trend, I would say, it is clearly shifting towards more ad-hoc arrangements and partnership between like-minded nations," the Indian Minister said.
Recalling that over the past decade, India has formed around 50 such groupings ranging from trilateral and quadrilateral arrangements to alliances of like-minded countries, he said there is a growing interest among nations in a collaboration model which has less administrative costs and capable of giving tangible results.
Prior to this, Finance Minister Wagle applauded India's support to Nepal in the disaster-response efforts following the devastating floods that struck the Bhotekoshi-Trishuli river systems on August 26.
He said Nepal is grateful to India for such prompt support provided within hours of the disaster occurrence. He also remembered India's support to Nepal during the 2015 major earthquake.
The dialogues centered on exploring ways for strengthening international cooperation, making it further effective amidst global tensions, economic fragmentation.
The shifting roles of major powers were expected to be an opportunity for the two leaders to exchange views on multilateralism, regional partnerships, and results-oriented diplomacy.(RSS)
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