G20 countries intend to call for UN and WTO reform

The President of Brazil, whose country chairs the G20 this year, insists on reforming global institutions, Report informs via Bloomberg.

According to the information, G20 countries at the meeting of foreign ministers, which will be held on Wednesday, September 25, will state that the United Nations and the World Trade Organization "urgently need reform." The same applies to the Bretton Woods institutions, which include the International Monetary Fund and the International Bank for Reconstruction and Development. They were formed as a result of an international conference held in July 1944 in Bretton Woods, USA.

In the document, ministers will call for expanding the number of permanent members of the UN Security Council (currently there are five: Great Britain, China, Russia, USA, and France). The leaders of the Quadrilateral Security Dialogue (QUAD; Australia, India, USA, and Japan) are making a similar proposal, believing that representatives from Africa, Asia, Latin America, and the Caribbean should be included in the Security Council.

The G20 foreign ministers will also propose to expand financing for developing countries and will state that the updated WTO policy should allow trade and investment to become engines of growth and prosperity, the report says.

The President of Brazil, which chairs the G20 this year, Luiz Inácio Lula da Silva, has long insisted on reforming global institutions. Bloomberg reports that the joint statement will be a step in this direction, although G20 participants have not set any specific timeframes.