G77+China and a New International Economic Order (NIEO)

by Admin (Posted on January 27, 2024)

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By Moshi Israel

Some of the fundamental questions we should ask ourselves, we the citizens of the global south are; why we need a New International Economic Order (NIEO) and how that would look like. To answer the second part of this question precipitately; such a world would be vastly different from the current one we know. It will also be a better one. That’s our ideal scenario. However, our reality dictates otherwise, we currently exist and operate in an imbalanced world. A world full of inequity and injustice. We exist in a space that is extremely capitalist at its core and caters to individualistic gains over collective well-being. We live in an international liberal order designed to serve the core interests of a few nation states and multi-nationals at the expense of everyone else. This is the problem and a new economic world order is the solution.

It is said that a problem identified is a problem half solved. Good news is, the global south identified the problem a long time ago and formed the G77 way back in Geneva, 1964. This was a time when direct-colonialism was being challenged world over and most global south countries had gained their independence. The goal has always been to create an economic atmosphere suitable for developing countries. The economic quagmire faced by developing countries is a result of years of exploitation by the developed countries. Our resources were plundered and our raw materials are exchanged for pennies. The G77+China exists to make this nightmare end.

One would argue that the G77 bloc has been underperforming on its stated goals and more so, on the previous Munyonyo Summit’s theme of ‘leaving no one behind.’ Fortunately, the emergence of China as a competitive economic powerhouse on the global stage is a silver lining.

Moreover, China has consistently made the choice to stand with the global south despite it being the second largest economy in the world. China identifies with developing countries and stands in line with them in the fight for equal treatment in the corridors of power. It being part of the G77+ speaks volumes. China has depicted true comradeship and posed a challenge to all other global partners. It has provided unprecedented and meaningful economic assistance to many developing nations.

Furthermore, China has structured its development assistance to the global south in such a way that it benefits even the common person. Construction of roads, airports, ports, industrial parks, bridges and other infrastructure is an effective way to impact the lives of everyone living in a country. This kind of assistance is sustainable. For example, almost every Ugandan talks about the Entebbe Expressway, Entebbe International Airport and several Industrial parks and Hydro power plants like Isimba and Karuma. This is because this Infrastructure is durable and serves generations to come. Mega projects such as these that put a whole country on the path to prosperity are what’s needed around the global south. Moreover, this economic assistance comes with no strings attached.

Therefore, given China’s importance to the global south, it is the right candidate to spearhead the transition to the New International Economic Order where the interests of the global south are equally as important as those of the global north.

Given contemporary economic realities, the idea of a NIEO may seem farfetched and impossible to obtain. However, I am certain that as long as the world’s marginalized actively search for ways to live and exist in a dignified manner, there is always hope for a NIEO.

Predatory capitalism, imperialism, neo-colonialism and unchecked globalism will force countries at the periphery to stand up and push back against gradual destruction. No longer should global south countries tolerate unfair trade terms, dumping, bullying and the politics of might makes right. Collectively, through organizations such as the G77+ China, the global south has a fighting chance.

The end goal is to make the international system work for everyone. Whether it is on issues of criminal justice, climate justice, or development justice. War, Terrorism, organized crime and illegal immigration are direct results of a failing international order. As long as the many suffer, the few can never live in comfort. Therefore, it is imperative that states are treated equally and legitimate concerns of every country are taken into account.

The debate should not be focused on whether countries share similar values or have the same level of civilization, rather, attention should be placed on whether countries have the capacity to offer a dignified existence to citizens. Naturally, the rest will fall in place. This is the vision that should be behind the push for a new international economic order (NIEO).

The Writer is a Research Fellow at the Development Watch Centre.