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.
|About Group of 77 (G-77)
· Established in 1964 by 77 developing countries signatories during the first session of the UNCTAD in Geneva.
· Membership includes more than 130 countries, representing 80% of the planet’s population.
· Significance lies in enabling countries of the South to articulate and promote their collective economic interests.