international organizations may no longer be fit for purpose

Canada’s former Prime Minister Justin Trudeau said at CNBC’s CONVERGE LIVE in Singapore Thursday that international financial institutions were “spectacularly ill-adjusted” to respond to modern day issues.

“You can look to different places around the world to realize that those institutions, whether it was the WTO or the IMF or what have you, aren’t necessarily fit for purpose in our decades now,” Trudeau told CNBC’s Mandy Drury.

Trudeau called out “great powers,” naming the U.S., China, Russia, India, saying they had decided they can “opt in or opt out of pieces of the rules based order.”

Canada has sought to recalibrate its diplomatic relationships amid the geopolitical shifts triggered by U.S. President Donald Trump’s trade and foreign policies, with Prime Minister Mark Carney declaring a “rupture” in the American-led world order, calling on middle powers to band together and chart their own course.

“The question of what do the rest of us do if we don’t have them on board, driving a renewed world-based order is, I think, at the heart of the conversations people are having now,” Trudeau said.

Trudeau also reiterated Ottawa’s call for world leaders to unite and form what he termed as “microlateralism” where a smaller group of countries to identify shared interests.

This is a breaking news story and will be updated shortly.