Rio de Janeiro: G20 leaders reaffirmed their strong commitment to multilateralism and pledged to reform the global governance system, according to the G20 Rio de Janeiro Leaders’ Declaration released on Tuesday. The leaders committed to working towards a reinvigorated and strengthened multilateral system, rooted in the purposes and principles of the UN Charter and international law, with renewed institutions and a reformed governance structure that is more representative and effective.
According to Namibia Press Agency, the leaders also pledged to reform the UN Security Council through a transformative reform that aligns it with the realities and demands of the 21st century, making it more representative, inclusive, and effective. They emphasized the importance of enhancing the representation and voice of developing countries in decision-making processes within multilateral development banks and other international economic and financial institutions.
The leaders expressed their readiness to uphold all comm
itments made in the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, including those outlined in the final paragraphs of the framework. Additionally, on the subject of world trade reforms, they stressed the necessity of ensuring a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system, with the World Trade Organization (WTO) at its core.
Furthermore, they voiced support for the essential reform of the WTO, aiming to achieve a fully functional dispute settlement system accessible to all members by 2024.
