TEHRAN -- Iranian President Mahmoud Ahmadinejad received an ovation at the UN conference on racism in Geneva on Monday after proposing that the veto power of the five permanent members of the UN Security Council should be immediately abolished.

Ahmadinejad also suggested that the global financial system should be transformed.
The longer it takes for the world to realize the urgency of these two issues, the greater the price everyone will have to pay in the long run, he noted.
He went on to say that steps should be taken to prevent racist forces like the Zionist regime from taking advantage of international political institutions to gain support.
Zionism is the epitome of racism and has used the religious sentiments of uninformed people to hide its ugly nature, he added.
He urged all free nations of the world to show determination and uproot Zionism.
Ahmadinejad also said that capitalism, like communism before, has reached a dead end and a new system based on justice, freedom, and love should be developed.
Durban II, the first UN conference in eight years to address the issue of racism, opened on Monday and runs until April 24.
Ahmadinejad was the first delegate to address the conference after UN Secretary General Ban Ki-moon’s opening remarks.
The conference is being boycotted by the United States, Israel, Canada, Australia, the Netherlands, Germany, Italy, Poland, and New Zealand.
Delegates from at least 30 countries walked out shortly after the Iranian president began his speech.
Afterwards, Ahmadinejad told reporters at a press conference that the countries boycotting the forum were showing “arrogance and selfishness”.
The Durban Review Conference is being held at the UN European headquarters to evaluate progress toward the goals set by the World Conference against Racism, Racial Discrimination, Xenophobia and Related Intolerance held in Durban, South Africa in 2001.
Ahmadinejad welcomes U.S. shift on Iran
Ahmadinejad also welcomed the shift in the United States' policy towards Tehran, describing it as “necessary” but added that he is awaiting “practical changes.” “We welcome this because in our opinion, change is necessary at the moment,” he told reporters on the sidelines of the conference. “We are waiting for practical changes and we support a dialogue based on mutual respect and recognized principles of justice,” he added, according to the AFP