Minister Zuko Godlimpi on transformation of global governance architecture

Global governance architecture needs to be transformed – Deputy Minister Godlimpi

The Deputy Minister of Trade, Industry and Competition (the dtic), Mr Zuko Godlimpi says reforming the global governance architecture is something that requires relentless effort, because the current global system is fraught with inequities and inconsistent application of norms.

He was addressing a high level roundtable discussion today under theme: ‘The Place Of BRICS in the New Architecture of the International Economic System.”

The roundtable was part of the 14th meeting of the BRICS trade ministers taking place in Moscow, Russia. The meeting is part of a series of meetings that Russia is hosting in preparation for the BRICS Summit that will take place in  Kazan, Russia in October 2024.

Deputy Minister Godlimpi said the task of transforming the prevailing balance of power must be approached with the requisite commitment.

“The current global order, and the multilateral system that underpins it, was established on the ashes of World War 2. Apart from maintaining international peace, it was designed, mainly, to benefit developed economies. The reform of multilateral institutions should foster international cooperation and interdependence in ways that ensure meaningful participation of developing countries in global trade in order to advance their economic development,” he said.

He cited the World Trade Organisation (WTO) as one of the multilateral institutions currently at a critical point, insisting that it must rise to meet contemporary challenges related to climate, sustainability, food insecurity, and other new development challenges..

“The WTO is confronted by several challenges, including trust deficit, sharpening geopolitical tensions, deepening economic divergences, and weakening supply chains. The aspirations of many developing countries remain unfulfilled. Therefore, the WTO reform must be development-oriented. It must take positive efforts designed to ensure that developing countries secure a share in the growth in international trade commensurate with the needs of their economic development,” he added.

Deputy Minister Godlimpi also said there was a strong nexus between trade and climate change, and this must be harnessed to promote development and a just green transition.

“We must, however, guard against the use of unilateral non-tariff measures that are introduced by some developed countries in the name of environment. Hence it is all the more important that we work together as BRICS members on developing shared approaches on trade and climate issues,” he emphasised .

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