Context (IE): Nobel Laureate pitched for reforms in multilateral institutions given the failure of the UN in resolving the ongoing problems to humanity.
Importance of multilateral institutions
Global challenges and crisis such as conflicts,climate change, migration, macroeconomic instability, and cybersecurity can indeed only be solved collectively.
Ensures Stable world order: Achievements of UN Peacekeeping forces, non-proliferation of nuclear weapons etc.
Forum to cooperate on Global challenges:Climate change, food security, terrorism, Pandemic, cyber security, fake news, etc.
Mobilize resources for innovations: Creation of innovation funds (e.g., UNICEF Innovation Fund, UNDP Innovation Facility), provide unlimited networks of experts at the global, regional and local country level.
Need for reforming multilateral institutions
Lack of Inclusive representation: For eg., lack of representation of far East regions, and rising economies in UNSC.
High jacking of multilateral institutions by developed countries:Chequebook diplomacy of China, misuse of Veto rights by P5 members, etc.
Rising hyper-nationalism, anti-immigration politics fuelled by political opportunism, diminish the appeal of international cooperation. For e.g., America’s first policy manifested in the form of withdrawal from the Iran Nuclear deal, etc.
Disillusionment with globalization: Failure of global governance in the post-Bretton Woods system to resolve issues of slow growth, rising inequality, falling labor force participation, migration, social fragmentation and job insecurity associated with globalization and automation.
Failure of institutions to deliver their mandate: For e.g.WTO’s failure to handle the US-China trade war, UNSC’s failure in Chinese unchecked belligerence in the South China Sea, inadequate response of WHO in handling the pandemic, etc.
Way Forward
Set focussed narrativeas currently the multilateralism reform narrative lives only in elite circles and some national capitals, particularly the emerging powers.
Encouraging Mini-lateral groupings as a new form of multilateralism and transforming them into multi-stakeholder partnerships.
Creating new models of multilateralism to overcome the trust, legitimacy and utility crises of multilateralism.