(MENAFN) The British prime minister on Saturday emphasized the urgency of a thorough overhaul of the international rules-based system, asserting that the existing structure must be refreshed to ensure it is suitable for today’s world.

Addressing the G20 summit in Johannesburg, Keir Starmer highlighted that this is a "moment of mounting competition" and a period marked by crises worldwide.

Referring to the ongoing situation in the Middle East and the Russia-Ukraine conflict, he noted that the repercussions of the war continue to ripple through global markets.

"With all that in mind and echoing what others have said, the role of the G20 is critical at this moment," Starmer stated.

He proposed that the international community needs to address global imbalances, such as excessive surpluses and deficits, and encourage open and equitable trade.

Starmer further emphasized the importance of enhancing economic resilience "in an era of instability."

"We need to reform the international rules based system so that is fit for the modern world," he asserted, stressing that nations must collaborate to confront the distinct challenges facing emerging economies, particularly in Africa.

The G20 leaders’ summit commenced on Saturday in Johannesburg, with delegates convening for two days of discussions.

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