Barbados Will Play Its Part

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Barbados will play its part in shaping global governance.

This was underscored by Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, in a statement delivered yesterday at the 65th Session of the United Nations General Assembly in New York.

Senator McClean noted that the global financial and economic crisis had made clear the extent of the interconnectivity of financial markets, as well as their inherent vulnerabilities and consequently, urged member states to continue to work together to try to find effective solutions.

"…Barbados is of the view that an enhanced and renewed system of global governance must be at the top of the global agenda… We must take stock and reflect in a holistic and comprehensive manner on the system of global governance, including the United Nations and its organs, to ensure that it truly delivers on the vision of our predecessors and serves the interests of all mankind, particularly the poor and vulnerable," she stated.

The Foreign Affairs Minister added: "We can no longer postpone the task of reforming the institutions responsible for global economic and financial governance. They must be better equipped to address the challenge of a globalised and highly interdependent world. In this regard, Barbados welcomes the broadening of the Group 8 to include the participation of developing and emerging economies and the designation of the Group of 20 as the premier forum for international economic cooperation."

Senator McClean stressed that Barbados recognised the important role played by the G20 in stabilising the global economy, acknowledging "its ambitious agenda to restore global growth and achieve needed reforms in the world’s financial systems".

However, she pointed out that the Group needed to significantly enhance its outreach to non-members, including the smallest members of the international community, "particularly when issues affecting their economic viability and survival are under discussion". Furthermore, Senator McClean suggested: "It must also demonstrate real leadership in breaking the impasse in the World Trade Organisation and ensure a successful conclusion in the Doha Development Round, and ensure that reforms in the Bretton Woods Institutions are accelerated."

The Barbados Foreign Minister pointed out that if nation states were to achieve global, economic and financial stability; ensuring the promotion and protection of human rights; maintaining international peace and security and ensuring environmental sustainability; then they could not act on their own. ??Rather, she stressed they needed to find effective solutions to the challenges.??clashley@barbados.gov.bb

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