Throughout the 1990s the UN summits held in Rio, Copenhagen, Istanbul and Beijing contributed to a comprehensive and progressive agenda for development, which challenged the vision of development outlined and implemented with the supervision of the World Bank's and IMF's during the late 1970s and 1980s, through the structural adjustment programs (SAPs). The vision dictated unregulated markets, the privatization of social services and a reduced role for the state. This was also the vision behind the Uruguay Round Agreements, which created the World Trade Organization (WTO). It projects a development paradigm, which is dictated by the "Washington Consensus", the bedrock of the prevailing neo-liberal agenda.

At these UN summits both NGOs and governments (mostly from developing countries) challenged the vision of development propagated by the "Washington Consensus". The collapse of the WTO Ministerial Conference in Seattle last year was the culmination of that joint resolve to change the system. As inequalities within and between countries widen, the legitimacy of the current rules governing trade, finance and development in the “global village” have been called into question from all sides, including from critics within the Bretton Woods Institutions themselves.

With this backdrop the FfD process provides an excellent opportunity for the UN to reclaim its rightful place as the appropriate forum for determining multilateral trade, financial and development policies. It is also offers governments a very important opportunity to mobilize the needed political support and set up an effective framework to raise resources to finally fulfill the numerous commitments made during past summits.

At the 54 session of the UN General Assembly, Guyana as Chair of the Group of 77 presented a draft resolution that called for the creation of an enabling international economic environment for development. It raised the issue of effective governance of globalization through democratization of international economic policy decision-making; the integrated consideration of trade, finance, technological transfer and development issues by the relevant international institutions; and reform of the international financial architecture, and in this context called for close cooperation and coordination between the UN, the Bretton Woods Institutions and the World Trade Organization. (see UN resolution 54/196)

Since the adoption of the resolution there have been a number of consultations and meetings, one of the outcomes being a six-point provisional agenda for the high-level event:

• Mobilizing domestic resources for development
• Mobilizing international resources for development: foreign direct investment and other private flows
• Trade
• Increasing international financial cooperation for development through, inter alia, ODA
• Debt
• Addressing systemic issues: enhancing the coherence and consistency of the international monetary, financial and trading systems in support of development.

The UN has also formally identified and invited relevant stakeholders to participate in the process, these are:

• Member and Observer States;
• the World Bank, the International Monetary Fund and World Trade Organization;
• UNCTAD and the UN regional commissions; other agencies, funds and programmes of the UN system; official organizations such as the Bank for International Settlements and regional organizations of central banks;
• the private sector and non-governmental organizations.

UNTACD together with the regional development banks and regional commissions have organized and are organizing regional consultative meetings during the second half of this year. That for Asia and Latin America has already taken place. The meeting of the Economic Commission for Europe is scheduled for December 6 and 7 in Geneva. The Bureau encourages non-governmental stakeholders to actively participate in these regional. The Preparatory Committee of the FfD process shall hold its next substantive session in New York from 12 to 23 February 2001.

For Further information contact:
FFD Co-ordinating Secretariat,
UN Department of Economic and Social Affairs
Room DC2-2386
United Nations
New York, NY 10017 USA
e-mail: ffd@un.org
website: www.un.org/esa/ffd