Pretoria - A strong and robust multilateral system whereby international political and economic systems are restructured to rectify power imbalances is necessary to ensure the future of developing countries, says International Relations and Cooperation Minister Maite Nkoana-Mashabane.
“The future of developing countries lies in a strong and robust multilateral system, based on the principles of international law. We must secure the restructuring of international political and economic systems in order to rectify the inherent asymmetries of power,” said the Minister.
The Minister was speaking at the 39th Annual Meeting of the Ministers of Foreign Affairs of the Group of 77 and China‚ at the United Nations Headquarters, in New York, on Thursday.
This would safeguard developing countries, which make up the majority of countries across the globe, having a voice in global governance, she said.
Minister Nkoana-Mashabane said the Group of 77 and China has made notable contributions over the years to the effective functioning of the United Nations.
“As the largest grouping of States within the UN system, the Group of 77 and China, has played a fundamental role in crafting international economic policies and relations, narrowing the gap between developing and developed countries,” she said.
The Group, she said, can claim a large part of the credit for advancing the interest of marginalised people of the world within the United Nations system.
Less funds to fill development gap
Minister Nkoana-Mashabane said that it is disappointing that there is little in the way of new funds to fill the existing development financing gap.
“While the Addis Agenda emphasises the importance of financing for development, it is disappointing that there is little in the way of new funds to fill the existing development financing gap. Developed countries merely repeat their 45-year-old commitment to allocate 0.7% of their Gross National Income (GNI) to Official Development Assistance (ODA). The problem is that only a handful of developed countries have ever met this target,” she explained.
Minister Nkoana-Mashababe said that South Africa welcomes the work carried out by the Ad Hoc Committee on Debt Restructuring Processes.
“South Africa within the Group 77 and China will continue considering improved approaches to restructuring sovereign debt, taking into account the newly adopted Basic Principals and work carried out by the international financial institutions in accordance with their respective mandates,” said the Minister.
Paris Climate Conference
In December, at the upcoming Paris Climate Conference, they hope to adopt a new legal agreement which they are currently negotiating under the Durban Platform for Enhanced Action, she said.
She added that it is important that this multilateral process on climate change be respected and lead to the adoption of an ambitious and fair agreement in Paris.
“This agreement should serve our twin objectives of ensuring environmental integrity, whilst protecting the development space of developing countries. To be successful, the new legal agreement must be fair.
“Fairness would imply respect for the Convention’s principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR&RC). There should be differentiation between the actions required of developed and developing countries based on different capacities and historical responsibility for climate change.”
Respect for CBDR&RC also means the provision of financial and other support from developed countries that developing countries require to enable them to undertake their best efforts to address climate challenge.
“Developed countries should commit to a goal of jointly mobilising US$ 100 billion per year by 2020 to address the needs of developing countries.” - SAnews.gov.za
