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UN Secretary General’s Call for Global Governance Reform

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.

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