LONDON

The British prime minister on Saturday reiterated the need for comprehensive reform of the international rules-based system, saying the current framework must be updated to ensure it is fit for the modern world.

Speaking at the G20 summit in Johannesburg, Keir Starmer said this is a "moment of mounting competition" and crises around the world.

Mentioning the situation in the Middle East as well as the Russia-Ukraine war, he said the shockwaves of the war are still reverberating through global markets.

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

He suggested that the world needs to tackle global imbalances like excessive surpluses and deficits and should promote open and balanced trade.

Starmer added that they need to make economies more resilient "in an era of instability."

"We need to reform the international rules based system so that is fit for the modern world," Starmer said, adding that countries need to work together to tackle the unique challenges facing emerging economies, especially in Africa.

The G20 leaders’ summit opened on Saturday in Johannesburg as delegates gathered for two days of talks.

The US, a founding member of the G20, has boycotted this year’s summit which is taking place with the theme of "solidarity, equality, sustainability."

Established in 1999, the G20 comprises 19 countries and two regional bodies – the EU and the African Union.