Global governance brings together diverse set of state and industry stakeholders to further a shared vision on inclusive economic development. It aims at collective actions to provide global public good, open markets and unified standards for the industry. It also comprises the entirety of institutions, policies, norms, procedures and ideas through which states and their citizens attempt to bring additional certainty, stability, and order to their responses to transnational policy challenges.
The concerns pertaining to ‘Global Governance’ seeks to examine fissures in the international system for handling complex issues and to involve stakeholders on realistic steps for collective problem-solving. It involves particular attention to apprising successful multilateral negotiations on creating or reforming global institutions, and to engaging more effectively new transnational actors from the private sector and civil society. The development based global governance under the ‘new governance modality’ relies on multi-stakeholder partnerships and ensures mutually beneficial objectives.
Institutions such as the IMF, World Bank, United Nations, and the WTO, for instance, have a stamp of global governance that is increasingly realised and recognized worldwide. These institutions take a multilateral approach to world affairs, epitomise visions of world leaders to achieve commonly accepted goals for global economic development, in a sustainable and inclusive way.
Industry, on one hand, aligns with the local and global governance frameworks that are unable to keep pace during these VUCA times. Hence, the question here is- are the multilateral and global governance mechanisms adapting fast to a world where change is the only constant? Are they able to accommodate and involve industry to a greater extent? Is the industry, in turn, willing to play a greater role in achieving the key human development goals through its disruptive business models, resources, and influence?
Over the past few decades, the role of business in global governance has become ever more crucial. FICCI strives to enlighten international policy issues and concerns in intergovernmental and global institutions guaranteeing that global policy frameworks work with businesses to propel growth and economic development.
The multilateral session at LEADS 2021 will discuss the future of global governance and development partnerships, in a complex, interconnected and rapidly changing world.
The author is Co-Chair, FICCI Forum of Parliamentarians and Chairman, Ambuja Neotia Group
**This blog is the first in the ‘FICCI LEADS 2021: Reimagine the World’ series.