High-Level Seminar

The pandemic has exposed severe strains in the global economy, and underlined the fact that the global economic system is both vertically and horizontally integrated in ways that prosperity and poverty are both shared. The challenges faced owing to the retreat of multilateralism could only be addressed by deepening global partnership. The current global governance system, despite being evolved for over 70 years and has played an important role in the past, is falling short of addressing the global development deficit in the world today. The development challenges call for better cooperation among countries, both advanced economies and EMDCs. A crystallization of partnership for development is the BRICS cooperation, which has evolved into an important platform for developing countries to engage in constructive dialogue and cooperation, with development issues as its core. The BRICS mechanism is still expanding, with more potential member countries to join, and collectively to raise its international influence for development. It also calls for multilateral development banks to work as a team to address the development challenges. Against this background, this high-level seminar will shed light on how to strengthen global partnership for development and how multilateral development banks can contribute.