Extra TVUN

G-Global, looking for a more inclusive global economy

UNITED NATIONS, Apr 15 2013 (IPS) - The need to restructure global economic governance in a more inclusive and effective way was stressed at a conference sponsored by the Permanent Mission of Kazakhstan, at the U.N.Headquarters in New York.

Murat Karimsakov, chairman of the ‘Eurasian Economic Club of Scientists’ Association (EECS), presented the G-Global project. The initiative is intended to involve the greatest number of countries in the international debate, triggered by last years’ economic and financial crisis, on the effectiveness and legitimacy of global economic institutions.

“G-Global project … calls for radical expansion of the number of participants to confront the global challenges,” said Karimsakov in a statement released Monday, “The key objective of G-Global is to unite the world community under the World Anti-Crisis Conference supported by the UN General Assembly resolution on Dec. 21, 2012.”

Launched by Kazakhstan President Nursultan Nazarbayev in December 2011 and run by EECS, the G-Global project aims at fostering debate about global development in its broadest sense, through conferences, meetings and online contributions. The project will see its high point on May 23 and 24 this year, with the World Anti-Crisis Conference organised in Astana, capital of Kazakhstan, during the 6th Astana Economic Forum.

The main objective of the conference will be to draft a World Anti-Crisis Plan to be presented to the U.N. General Assembly and the G-20 Summit in September 2013. The conference will also be launched online, on the G-Global platform, through virtual roundtables and thematic debates, in order to benefit also from the contributions of those who won’t be able to physically attend the event in Astana.

The initiative hopes to “give a voice to the countries that want to contribute to the current debate,” said Mark Uzan, executive director of the Bretton Woods Committee. This broad inclusiveness should differentiate this project from other international economic groups, such as the G20, which, according to Uzan, reflects the interests of the powerful countries and is not very inclusive for the rest of the world.

The emergence of new economic powers like India, Brazil, China and South Africa has called into question the legitimacy of international financial institutions, prompting the conference organisers to ask themselves if a complete reform of the global economy architecture is needed at this point.

The world is “facing a major transition, in which you need to rebalance not only the global economy but also … global governance”, said Uzan, “What is at stake is [the] need to create a new set of institutions that will reflects a new balance of economic powers in the world.”

This restructuring could take the form, he said, either of a modernisation of the Bretton Woods institutions or of a creation of completely new institutions, possibly driven by emerging countries.

The two issues, of inclusiveness and reform of the global economic governance, will be addressed during the World Anti-Crisis Conference in May, which will take place with the support of the United Nations and the Reinventing Bretton Woods Committee, amongst other co-organizers.

Republish | | Print |

Related Tags