At a time we need global cooperation more than ever, we do not have robust global institutions, and efforts are on to even dismantle such institutions, lamented Suresh Prabhu, India’s Sherpa to G20. He flagged attacks against the World Trade Organisation (WTO), ineffectiveness of United Nations Organisation (UNO), polarisation of G20, and COP25 over climate change.
He said multilateralism was the only way ahead and India being a strong votary of the same, will work to strengthen global governance institutions.
“The advent of protectionism has slowed down global trade that was fuelling global economic growth till 2008. The U.S. has been attacking WTO. But WTO is a key institution for developing countries as it is rule-based, democratic, and transparent and the only platform for trade negotiations for many countries. It needs to be reformed, but has to be saved,” he said.
Mr. Prabhu lamented the polarisation of COP25 and G20 platforms to commit to actionable programmes to address climate change. “Climate change poses the most existential threat to humankind. If refugee migration due to geo-political conflicts have created such a stir in the world, imagine the scale of climate change migration Energy, that is behind most of the conflicts in Central Asia is also linked to climate change. The world needs to act now, but is finding a gap in governance mechanisms for the same,” he said.
