UNGA Adopts Resolution on Global Economic Governance

UNGA9 July 2013: The UN General Assembly (UNGA) has adopted a resolution on the UN's role in global economic governance, following consultations led by Octavio Errazuriz, the Permanent Representative of Chile.

On the occasion of the UNGA adoption, on 9 July 2013, UNGA President Vuk Jeremic said draft resolution A/67/L.73, on “The United Nations in global economic governance,” establishes a link between the UN and the Group of 20 (G20), and is the first legislative act by the UN that acknowledges that decisions by intergovernmental groupings such as the G20 have global implications, and recognizes the need for regularized interaction between such groupings and the UN. Jeremic noted that the text also assigns a role to the G20 in achieving sustainable development, which is of strategic importance.

The resolution also recognizes the importance of openness, fairness, and inclusiveness in the international monetary, financial and trading systems, in order to ensure sustained, inclusive and equitable economic growth and the achievement of the internationally agreed development goals, including the Millennium Development Goals (MDGs).

The UNGA held an informal thematic debate on the UN's role in global economic governance on 15 April 2013, followed by one in the Economic and Social Council (ECOSOC) on 16 May 2013. [Draft Resolution A/67/L.73] [Meeting Summary] [Statement of UNGA President] [Report of Secretary-General (A/67/769)]