Why is it in the news?

• In the third summit of the G-77 plus China, the UN Secretary-General emphasizes the urgent need for reform in global governance.
• Global governance involves managing international issues such as diplomacy, trade, finance, migration, and climate change through institutions, rules, and processes.

Issues highlighting the need for reform

• The composition of the UN Security Council, with veto power held by five permanent members, does not reflect the current global reality.
• Institutions like WTO and IMF have failed to provide a global safety net for distressed developing countries, emphasizing the need for greater inclusivity.
• Multilateralism is losing trust, leading to a shift towards alternative arenas like bilateral and plurilateral groupings, intensifying global political polarization.
• Cross-border cooperation and global governance are essential in addressing challenges posed by artificial intelligence, 5G, semiconductors, etc.
• Conflicts, climate change, migration, macroeconomic instability, and cybersecurity are identified as challenges that can only be effectively addressed through collective action.

Initiatives for reforms

• The UN Secretary-General has appointed a High-Level Advisory Board on Effective Multilateralism to guide reform efforts.
• The UN’s New Agenda for Peace in 2023 recognizes the interconnected nature of contemporary challenges and is framed around core principles of trust, solidarity, and universality.