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G20 BRASIL
G20 adopts call for reform of international organizations such as UN and WTO
At a historic meeting at the UN, G20 member countries adopted a fully consensual document with measures to reform the global governance, one of the priorities of Brasil's forum presidency. In the document, the countries commit to changes in the UN Security Council, the World Trade Organization, the quotas of the International Monetary Fund, and to support discussions on taxing billionaires.
G20 member countries adopted the “Call to Action on Global Governance Reform” on September 25th, in an unprecedented meeting at the United Nations Forum. The document reached full consensus among the world's largest economies and addresses commitments to the reform and modernization of the leading international bodies, such as the UN and the WTO (World Trade Organization), the revision of loan quotas at the IMF (International Monetary Fund), with an endorsement of the deepening of the debate on the external debt of developing countries and mechanisms for taxing large fortunes.
The group argues that these institutions were created in the 1940s to respond to the contextual challenges of the time, requiring updated governance practices and structures to expand the representation and diversity of their members and find solutions to the political, economic and social challenges of the current conjuncture. At the initiative of Brasil's G20 presidency, the proposal is intended to promote inclusive organizations and increase the participation of women and Global South countries in these spaces.
“We work together because multilateral institutions are being discredited. We need the courage to change our commitment to overcoming differences in order to break this vicious cycle. Our responsiveness is hampered, in particular, by the lack of representation in international organizations. The Global South needs to be fully represented in the main decision-making forums,” argued Brasil's President Luiz Inácio Lula da Silva during the opening of the G20 meeting.
“We work together because multilateral institutions are being discredited. We need the courage to change our commitment to overcoming differences in order to break this vicious cycle. Our responsiveness is hampered, in particular, by the lack of representation in international organizations. The Global South needs to be fully represented in the main decision-making forums,” argued Brasil's President Luiz Inácio Lula da Silva during the opening of the G20 meeting.
More inclusive and fair global governance
The group agrees that the proximity of the institution's 80th anniversary, which will be celebrated in 2025, reinforces the moment to reinvigorate the General Assembly, strengthening its space as the UN's "main deliberative, policy-making and representative body," also acting in dialogue with the Security Council for the maintenance of international peace and security. In addition, the group is committed to promoting the effectiveness and efficiency of this space and the agreements made there, as well as increasing the nomination of women to the Assembly presidency.
The G20 countries also commit to increasing representation in the UN Security Council and improving the distribution of responsibility among its members in order to make decisions more transparent. In addition, they endorse expanding the Council's composition to include nations from Africa, Asia-Pacific, Latin America, and the Caribbean, which are still underrepresented in this space.
The document also indicates commitments to strengthen the Economic and Social Council, the Peacebuilding Commission, and the United Nations Secretariat by strengthening their strategic engagement in international economic cooperation forums, such as the G20 and G7; universities and the scientific community; the mobilization of political and financial support for the construction of peace agreements; among others.
Towards a different International Financial Architecture
Regarding the reform of the International Financial Architecture, the actions aim to mobilize financing possibilities to address global challenges such as tackling hunger, poverty, and climate change, especially in developing countries and emerging economies.
Countries agree to promote improvements so that the system can accelerate compliance with the UN 2030 Agenda through the actions of Multilateral Development Banks (MDBs); the revision of the quota formula of the IMF (International Monetary Fund); and deepening the international dialogue on fair taxation and taxing billionaires.
Another point highlighted in the G20 Leaders' Call is to collectively mobilize more fiscal space and concessional financing to increase the World Bank's capacity to support low- and middle-income countries that need help facing global challenges.
In addition, the G20 member countries have also joined a series of measures to reform the WTO (World Trade Organization) by promoting fairer and more inclusive international rules to improve its functions. The objective is to strengthen the organization's mandate as a promoter of development.
*Translated by PGET-UFSC