G20 leaders reaffirm commitment to multilateralism

G20 leaders reaffirmed their strong commitment to multilateralism and pledged to reform the global governance system, according to the G20 Rio de Janeiro Leaders' Declaration released on Tuesday.

The leaders pledged to work for a reinvigorated and strengthened multilateral system, rooted in the purposes and principles of the UN Charter and international law, with renewed institutions and a reformed governance that is more representative and effective.

They also pledged to reform the UN Security Council through a transformative reform that aligns it with the realities and demands of the 21st century and makes it more representative, inclusive and effective.

They underscored the need for enhancing the representation and voice of developing countries in decision-making in multilateral development banks and other international economic and financial institutions.

The leaders also voiced readiness to continue to stand by all the commitments made in the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, including those in the second and final paragraphs.

On reforms in world trade, they emphasized the need to ensure a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with the WTO at its core.

They also voiced support for the necessary reform of the WTO with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024.