New Delhi (PTI): India on Friday strongly called for expansion of the UN Security Council with External Affairs Minister S Jaishankar saying that the effectiveness and credibility of the global body will remain "constrained" without reforming it.

Jaishankar made the remarks at a conclave of the foreign ministers of the BRICS nations in New Delhi.

"We meet at a time when the effectiveness of global governance and the credibility of multilateralism are under increasing scrutiny," he said.

"The world today is more interconnected, complex, and multipolar than when many of our current institutions were created. Yet, the structures that underpin global governance have not kept pace with these changes," he noted.

Jaishankar listed four specific points to press for reforming the key international bodies and multilateral trading systems, and asserted that the reform of the United Nations and its subsidiary bodies remains "central".

"The membership of the United Nations has expanded significantly, and its responsibilities have grown. Yet, key structures, particularly the Security Council, continue to reflect an earlier era," he said.

"Without meaningful reform, including expansion in both permanent and non-permanent categories, the effectiveness and credibility of the UN will remain constrained. Representation of Asia, Africa, and Latin America is essential," he noted.

India has been a strong contender for a permanent seat at the UN Security Council.

Elaborating his second point, Jaishankar said the time has come for serious negotiations for reform of the UN Security Council.

"BRICS itself has debated this issue deeply, especially at the Johannesburg Summit. Our outcome documents have reflected that consensus. But much more has to be done to make reform a reality," he said.

"Third, there is an urgent need to reform the international financial architecture," the external affairs minister said.

He said there is a need to reform the global financial architecture to effectively deal with various economic challenges including vulnerabilities in supply chains, pressures on food and energy security, and inequalities in accessing critical resources.

"Fourth, the multilateral trading system must be strengthened and reformed. Non-market practices, concentration of supply chains, and uncertain market access have exposed the global economy to new risks," he said.

Jaishankar said a rules-based, fair, open, and inclusive trading system, with the World Trade Organisation at its core, remains essential.

"At the same time, it must address asymmetries and reflect the concerns of developing countries," he said.

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Beijing (PTI): Chinese President Xi Jinping and his US counterpart Donald Trump had an in-depth exchange of views on major issues concerning the two countries and the world, and reached a series of new common understandings, a Chinese foreign ministry spokesperson said Friday.

Xi and Trump, who is on a three-day visit to China, met twice on Thursday and discussed a range of bilateral and global issues.

Trump is due to leave on Friday after a luncheon meeting with Xi.

Summing up the outcomes of Trump’s visit to Beijing, a Chinese Foreign Ministry spokesperson said the two presidents had an in-depth exchange of views on major issues concerning the two countries and the world and reached a series of new common understandings.

They agreed on a new vision of building a constructive China-US relationship of strategic stability to provide strategic guidance for bilateral relations over the next three years and beyond.

The two presidents also agreed to promote the steady, sound and sustainable development of China-US relations, and bring more peace, prosperity and progress to the world, said a statement by the ministry’s spokesperson.

Trump visited China at the invitation of Xi.

The two presidents are meeting in person again for the first time since their Busan meeting last October, and it is the first visit to China by a US president in nine years, the statement said.

On Thursday, President Xi held a welcome ceremony and a banquet for Trump, held talks and visited the Temple of Heaven with him.