Geneva [Switzerland], September 17 (ANI): Highlighting the rapid rise of emerging economies and the shifting global balance, United Nations Secretary-General Antonio Guterres on Wednesday called for a mandatory 'redistribution of power' and comprehensive overhauls of the UN Security Council and the Bretton Woods system.

Addressing a query regarding the role of expanding economic blocs like BRICS in supplementing or altering global governance, the UN chief pointed out that existing multilateral institutions no longer reflect modern geopolitical and economic realities. 

'The world is changing, and we are seeing the emergence of new powers. And today, if one looks at the global economy, every single day the percentage of developed countries in global GDP diminishes a little bit, and every single day the percentage of emerging economies in the global GDP increases a little bit,' Guterres stated at a press conference ahead of the 81st session of the UN General Assembly. 

Highlighting the disparity between historic structures established post-World War II and the current economic landscape, Guterres stressed the need to align international governing bodies with contemporary dynamics. 

'So, there is a change in what is the relative weight of countries in the world today in relation to what it was when these institutions were created,' he explained. 'So the power relations no longer correspond to the realities of the world. So there must be a redistribution of power.'

Emphasising that institutional reform is central to achieving global equity, Guterres identified key international bodies that require immediate structural changes. 

'And one thing that is essential in this redistribution of power is the reform of multilateral institutions. And if there are two institutions where this reform is essential, it's the Security Council and the Bretton Woods system,' Guterres noted. 

Earlier on Sunday, UN General Secretary Antonio Guterres met with Prime Minister Narendra Modi on the sidelines of the 18th BRICS Summit held under India's chairmanship in New Delhi. 

Ministry of External Affairs stated that during the meeting, the UN Chief congratulated PM Modi on India's chairship of BRICS for the fourth time. 

'Both leaders underscored the significance of multipolarity and the need to reform multilateral institutions, including the UN Security Council, to reflect contemporary realities,' MEA stated. 

The Ministry further highlighted that the two leaders also held discussions on several issues, including 'ongoing conflicts and freedom of navigation, sustainable development, human-centric AI, progress in renewable energy, and global food security.'

Furthermore, PM Modi extended best wishes to UN Chief Antonio Guterres for the remainder of his tenure. 

India hosted the 18th BRICS Summit in New Delhi on September 12-13. India's Chairship was guided by the theme "Building for Resilience, Innovation, Cooperation and Sustainability", with development, sustainability and innovation forming key areas of focus.

BRICS has emerged as an important platform for coordination among major emerging economies and for advancing the interests of the Global South in multilateral institutions. Its agenda covers development, finance, technology, trade and people-to-people exchanges.

The grouping currently comprises 11 countries -- Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE. (ANI)