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'UN, Bretton Woods & WTO Losing Credibility': Brazil's Lula Says at G77+China Summit

18:54, 17 September 2023

Samantha Arias

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The G77 is an intergovernmental organization consisting of 134 developing countries. The aim of the organization is to facilitate the promotion of their collective interests in terms of global economic issues and to promote South-South cooperation. On September 15-16, leaders of the G77 and China met in Cuba for a summit.

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During the G77+China Summit held in Havana, Cuba, on September 15-16, the president of Brazil, Luiz Inacio Lula da Silva stated that the G77 was "fundamental to denounce the anomalies of world trade" and to "defend the construction of a New International Economic Order." However, he lamented that "many of our demands have never been met."

"Global governance remains asymmetrical. The United Nations, the Bretton Woods system and the World Trade Organization are losing credibility. We cannot divide ourselves. We must forge a common vision that takes into account the concerns of low- and middle-income countries and other vulnerable groups," Lula commented.

The Brazilian President recalled that the G77 represents 79% of the world population and 49% of the global Gross Domestic Product (GDP) in purchasing power parity, which is why it is essential to expose the anomalies of global trade and advocate for the construction of a new international economic order.

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At another point in his speech , he accused some rich countries of their "historical debt" in relation to global warming and called for climate financing for developing countries.

"We have to take advantage of the genetic heritage of our biodiversity with a fair distribution of benefits, safeguarding intellectual property over our resources and traditional knowledge. We will promote sustainable industrialization, invest in renewable energy in the bioeconomy and in low-carbon agriculture. We will do it without forgetting that we do not have the same historical debt as rich countries with global warming," he asserted.

At the end, Lula da Silva emphasized that "the countries of the south are fully capable of occupying the forefront of science, technology and innovation."

The main purpose of G77, established on 15 June 1964, is to facilitate the promotion and negotiation of collective interests of developing counties on all major international economic issues and to create South-South cooperation for development.