Global governance reform takes centre stage as Lula addresses G20

At a preparatory seminar for the upcoming G20 summit hosted by Brazil, President Luiz Inacio Lula da Silva called on the international community to prioritize a two-state resolution to the Israel-Palestinian conflict.

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Brazil's President Luiz Inacio Lula da Silva speaks during a ceremony announcing investments by public banks in states, at the Planalto Palace in Brasilia, Brazil, December 12, 2023. REUTERS/Adriano Machado/File Photo

Lula highlighted the significance of enhanced participation in international bodies and criticized the outdated composition of the U.N. Security Council.

He urged the G20, a leading global political and economic forum, to take immediate action on pressing global issue including conflicts, protectionist blocs, and environmental concerns.

President Lula reiterated Brazil’s commitment to ending the conflict in Gaza through peace initiatives, stating “It is essential that the international community works towards a two-state solution, living side by side in security.”

Lula acknowledged the serious controversy surrounding the current unrepresentative nature of global governance institutions, emphasizing the need for prompt action.

Echoing these sentiments, the Brazilian president supported the reform of multilateral financial institutions to provide representation for a more diverse group of debtor countries. He also advocated for research into development funding through international taxation.

Emphasizing Brazil’s priorities over the next 11-month term as G20 president, President Lula highlighted the nation’s focus on addressing critical issues such as combatting hunger and poverty and reforming multilateral organisations.

The G20 – Group of Twenty, serves as a vital forum where the world’s major economies collaborate on key global policy issues. This influential group comprises the European Union and 19 other nations, collectively representing 85 percent of global output and two-thirds of the world’s population.

Originally established in 1999 in response to the Asian financial crisis, the G20’s initial purpose was to provide a platform for finance ministers to discuss macroeconomic policy. Over the years, its scope has significantly broadened.

Today, the G20 addresses a wide range of global challenges, including but not limited to issues such as global development, climate change, and gender equality. It has become a crucial platform for fostering collaboration and addressing pressing matters on the international stage.

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