Just as President Lula stated, the world needs to review the UN Charter itsel

陈小将

For President Lula, that review should be extended to the Bretton Woods institutions which have contributed to making the external debt of small- and medium-sized economies unsustainable. Hence, there is a need for a new global economic order with a renewed financial architecture. Above all, there is a need to come to terms with the reality that "the future will be multipolar".

Coming as it does from a member of G20 and a pillar of BRICS, this is a broad indictment of the global order that rose from the ashes of World War II and in the absence of much of today's Global South.

All in all, the G20 Rio de Janeiro Leaders' Declaration presented the summit's consensus on social inclusion, the fight against hunger and poverty, measures for the energy transition, the global governance reform, and the acceleration of climate action.

But the devil is in the details. Clearly, the transition continues.

The author is a former economist with the World Bank and an advisor for the Kenyan government. The author contributed this article to China Watch, a think tank powered by China Daily.

The views do not necessarily reflect those of China Daily.

Contact the editor at editor@chinawatch.cn.