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‘Democratize’ global economic system, Indonesia says
The 14th Bali Democracy Forum has taken up the task of finding solutions for a more equitable global recovery from COVID-19, but a superpower rivalry has complicated matters.
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Foreign Minister Retno LP Marsudi (center) is flanked by local and foreign dignitaries as well as by the avatars of global participants of the 14th Bali Democracy Forum held in Nusa Dua, on Dec. 9. Top diplomats from the United States and China made the Asia-Pacific's premier event on democracy another stage for their superpower rivalry as Minister Retno rallied for a "democratization" of global economic architecture. (Courtesy of Foreign Ministry/-)
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emocracy was put under the microscope on Thursday as the United Nations and host country Indonesia called for a more inclusive global economic system at the Bali Democracy Forum (BDF), the second to be held during the ongoing pandemic.
Kicking off the event, Indonesia’s top diplomat said countries needed to “democratize” economic and financial systems to support smaller, less affluent states as a means of speeding up the global economic recovery.
“Let’s be honest with ourselves. Are international economic norms and regulations developed in a democratic manner, in the interest of all countries? Have decision-making processes in the global financial system always been democratic and inclusive?” Foreign Minister Retno LP Marsudi asked in her opening remarks at the forum on Thursday. “The answer is a resounding ‘no’.”
Retno noted that reports from the UN and various international financial institutions warned of unequal economic recovery prospects, with 90 percent of advanced economies expected to regain their prepandemic per capita incomes next year.
The rebound would take many more years for other nations, she said, especially least developed countries (LDCs), landlocked developed countries (LLDCs) and small island developing states (SIDS).
The minister suggested that nations make efforts to prevent actions or policies that would obstruct other countries’ paths to recovery and said democracy should seek to create a more equal, inclusive and just world.
“It is about time we democratize the global economic architecture. No more monopoly on participation in the global supply chain ecosystem and no more ‘rule by the strong’ in global economic governance,” she said.
