1. The ECOSOC system

Despite some improvements since the Summit, much greater progress needs to be made in strengthening the structures and processes of the Economic and Social Council (ECOSOC) system along lines agreed in Copenhagen. This applies especially to strengthening the composition of ECOSOC, its effectiveness at the regional and sub-regional levels, and its relationships with major economic organisations such as The World Bank, International Monetary Fund and World Trade Organisation. Changes of this kind should be seen as essential elements of the new international architecture which is now being called for from many quarters.

2. International financial systems

The Copenhagen Summit far-sightedly agreed that action should be taken to reduce the excessive volume and volatility of speculative activity in international financial markets. The subsequent failure to implement this commitment has had  devastating consequences, especially in East Asia and Latin America. The Copenhagen review process should now identify and promote specific reforms in this area rather than relying upon the G8 finance ministries and international financial institutions which for so long denied there was a problem and continue even now to understate its extent.

3. Anti-poverty programmes

As agreed at Copenhagen, all governments should set specific targets, and adopt strategies, for eradicating absolute poverty and reducing relative poverty. Top priority should be given to achieving specific targets in relation to basic health and education, and to access to water and food. The review process should agree on a few specific and achievable targets in these areas, such as those endorsed by the Summit itself, and secure specific commitments by developed countries and international financial institutions about ways in which they will help developing countries to achieve these targets.

4. Official development assistance

The Copenhagen Summit made somewhat vague commitments in relation to reversing the recent decline in ODA (official development assistance), enhancing debt relief for countries in the greatest hardship, and applying the 20/20 principle. The review process should agree on specific initiatives which would achieve substantial progress in the directions outlined at the Summit and would honour the commitment to improve the effectiveness of aid programmes in meeting locally-identified needs.

5. Basic income support

The Copenhagen Summit agreed that basic income support should be provided in periods of special hardship or vulnerability. The review process should agree on specific initiatives for developing international standards for basic income support systems. The guidelines should distinguish between countries with different levels of economic development, and should give special attention to people who are self-employed, unemployed, or in the informal or rural sectors. Attention should be given to micro-credit and subsidised savings as well as social security and other conventional income support systems.

6. Taxation

The Summit agreed on the need for progressive, fair and economically-efficient taxation systems which raises sufficient revenue for national and international purposes. It emphasised the importance of adequate and equitable taxation of assets and of international transactions. The review process should identify and promote reforms aimed at achieving these goals at both national and international levels. This should include development of a code of international guidelines for the design and administration of national taxation systems.

7. Fair trade and investment

The Copenhagen Summit agreed on the need for regulation to ensure fair competition and ethical responsibility in international business activities. Little progress has been made since the Summit in this regard. The review should initiate processes for developing a binding code of rights and responsibilities in the conduct of international trade and investment. The code should incorporate appropriate core standards of the International Labour Organization and should be regarded as a necessary precondition for reopening consideration of a possible multilateral agreement on investment.

8. Economic, social and cultural rights

It was agreed in Copenhagen that greater efforts should be made to secure ratification and observance of the International Covenant on Economic, Social and Cultural Rights. The review process should identify and endorse specific initiatives for improving the effectiveness of the Covenant. These should include strengthening the UN Committee which is responsible for enforcing it, and identifying agreed targets and standards with which governments must comply in order to be regarded as meeting their obligations under the Covenant unless they can provide compelling justifications for failing to 
do so.

    ICSW will pursue these priorities at the meetings of the UN Preparatory Committee, at the regional Civil Society Forums on Copenhagen implementation which we are currently conducting around the world, and in a number 
of ways. We look forward to expanding further our cooperation with non-governmental, governmental and intergovernmental organisations which have similar concerns.