While the G20 efforts to manage global aggregate demand, exchange rate management and stronger regulation of the international financial sector have not worked out quite as planned, in Cannes the Group was further solidifying its role in directing the system of multilateral institutions. The G20 has assigned itself the job of determining international development cooperation policy. It is not the proper group to undertake such a job and it is not doing it well. A comment by Barry Herman
“International development cooperation” is understood here to mean the coherent and consistent application of the full panoply of policy measures that aim to boost economically, socially and environmentally sustainable and sustained development. By global agreement, it includes everything in the Monterrey Consensus, adopted in 2002 at the International Conference on Financing for Development, as well as the mandates and actions for sustainability that can be traced back to the “Earth Summit” of 1992 in Rio de Janeiro ...
The BRICS Summit in Durban on 26/27 March was another part of the new realities. South Africa for the first time hosted the five-member grouping. Having the world's 29th largest economy according to the IMF, South Africa punches above its weight with the new economic giants.
Some 120 civil society organisations (CSOs) from 80 countries met in Bonn 20-22 March, on the topic of "Advancing the post 2015 sustainable development agenda". The conference was one step in the two-track beyond-2015 process.
The rise of the South is radically reshaping the world of the 21st century, with developing nations driving economic growth, lifting hundreds of millions of people from poverty, and propelling billions more into a new global middle class, according to the most recent Human Development Report.
Global trade is increasingly dominated by the complex and circuitous routes followed by goods and services as they are upgraded into finished products, a recent UNCTAD report says. And developing countries' share of value-added trade is growing rapidly.
The international aspects of the MDGs are set out in Goal 8 which seeks to develop a global partnership for development. The objectives enunciated in the MDGs are long on words. But it would seem that outcomes have been short on substance. Indeed, Goal 8 has turned out to be simply inadequate. In the international context, the focus of MDGs is much too narrow.