BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

DEVELOPING COUNTRY IN GLOBAL ECONOMIC GOVERNANCE: LESSONS FOR BANGLADESH

Author: Syeda Tanzia Sultana, Mohammad Jasim Uddin

DOI Link: https://www.doi.org/10.56888/BIISSj2018v39n4a5

ABSTRACT

Since the end of World War II, Bretton Woods system remains in the midst of Global Economic Governance (GEG). International Monetary Fund (IMF) was created to regulate monetary policy, International Bank for Reconstruction and Development (IBRD), then World Bank (WB) was formed to look into financial aid and lending, and General Agreement on Tariffs and Trade (GATT), then World Trade Organization (WTO) was established to regulate trade. These institutions are yet to provide much space for effective participation of developing states and are dominated by developed world like United States (US), European Union (EU), etc. Hence, a vital target of Goal 16 of Sustainable Development Goals (SDGs) is to broaden and strengthen the participation of developing states in global governance institutions. Global financial crisis and economic rise of China and India have resulted in large-scale participation of developing states in global economic governance. Being a developing country, Bangladesh will be benefitted and able to broaden its participation from exercising practices of China and India in the institutions of global economic governance.