New Delhi, Feb. 27 -- Multilateral institutions such as the UN and WTO are losing influence as their revival efforts falter, pushing nations toward bilateralism and direct negotiations over broader international cooperation to resolve global issues, Union finance minister Nirmala Sitharaman said Thursday.

Speaking at a Business Standard event, Sitharaman said bilateralism dominated the global agenda, and regardless of its merits, India must adapt by deepening trade, investment, and strategic ties with multiple nations, negotiating with each of them bilaterally.

"It is for us to ramp up our bilateral relationship with many countries, not just for trade, not just for investment, also for strategic relations," she said.

To be sure, India ...