Globalisation is in a process of transition. Five years after the global financial crisis erupted, some areas of ‘globalisation management’ – notably the financial sector – have been closely scrutinised, resulting in new regulation. Institutions like the World Trade Organization (WTO), and the global trading system more broadly, have received praise for helping to avoid the same degree of protectionism that undermined global efforts to recover from the great depression of the 1930s.
Two major multilateral agencies have elected BRICS candidates (that is, candidates from Brazil, Russia, India, China or South Africa) as their Directors-General in the last two months. Are we seeing signs of increased leadership in global governance from the BRICS countries?
As a WTO member, least developed countries (LDCs) gain a voice in the shaping of the global trading system. That voice may be too feeble and drowned in the cacophony to make any real impact; nevertheless, it counts. Moreover, as part of the most favoured nation group of trading countries, LDCs receive enforceable guarantees that they will not be disadvantaged from benefits accruing to the rest of the body. The membership also comes with costs, not the least of which is trying to become a member.