Do you wonder if the world is crumbling before your eyes? You are not alone. The global human rights map is alarming: everywhere wars, massacres that aggravate natural disasters and other crises whose solution requires urgent funding. However, recent advances in multilateralism at the Brazil-led G20 and at the United Nations indicate that not everything is lost.

"I don't read news anymore," this phrase is not a trend only in my environment. A Reuters report indicates that "interest in news continues to decline, fuelling disconnection and selective news avoidance."

It's not hard to empathise with disconnected citizens. A quick glance at the headlines is enough to dampen the mood.

Wars in Ukraine, Africa and the Middle East add to geopolitical tension unprecedented since the 1962 Cuban Missile Crisis. The threat of nuclear war, which used to keep me awake at night in my childhood, is more latent today than ever before. The wave of polarisation and extreme thinking threatens multilateralism, the foundation of global coexistence and the protection of human rights. Moreover, the extreme concentration of wealth and power in the hands of multinationals and the super-rich is eroding the democratic system of governance and depriving states of essential revenues to finance public services and protect human rights.

Read more

The anatomy of free speech

According to a recent Oxfam report, the wealth of billionaires increased by 46 percent during the Covid pandemic, while the wealth of the poorest half of the world's population declined by 2.5 percent.

So much for all of us wanting to stop reading. However, all is not lost.

There are spaces where things are changing. I am referring not only to social initiatives that protect victims and the environment, but also to advances in the global multilateral system.

In September, UN member states agreed on a new roadmap to save multilateralism and avoid the obsolescence to which the inaction of the UN Security Council or the corporate lobby seems to want to throw it. In the Pact for the Future, world leaders have pledged to create mechanisms that better reflect the realities of the 21st century and can respond to the challenges and opportunities of today and tomorrow. The goal is to achieve a more secure, peaceful, equitable, egalitarian, inclusive, sustainable and prosperous future.

These efforts are beginning to be reflected in actions. In late October, the UN General Assembly approved the Terms of Reference (TOR) for a Framework Convention on International Tax Cooperation, a significant step towards a fair global tax system that will raise the resources needed by all countries to close the development gap, combat inequality and address the catastrophes of climate change. Negotiations for further progress on this framework convention will begin in 2025, and the new tool is expected to be operational by 2027.

Read more

The Stockholm syndrome in South Asian politics

This progress has been largely due to the efforts of developing countries and emerging economies. In just a few months of negotiations at the UN, these countries have made significant progress in rectifying the global tax system. The green light is now in sight, to achieve a fair allocation of taxation rights between countries, and to ensure that countries do not undermine human rights around the world through selfish and short-sighted tax policies.

Shortly before, G20 leaders under the leadership of Brazil had issued a communiqué that marked a significant milestone in the global quest for fair and progressive taxation, opening the door to make the ultra-rich pay their fair share of taxes.

Implementing global minimum taxes on transnationals and the super-rich, and sharing information on corporate profits are crucial steps towards a fairer and more equitable economy. In November, Australia passed the world's first legislation on country-by-country public reporting of taxes and profits recorded by multinational corporations.

Strengthening global tax cooperation is vital if all countries are to have the resources they need to meet today's challenges of human rights and the climate crisis. The current international tax system is outdated and unfair and allows corporations and super-rich individuals to evade their responsibilities to contribute their fair share. The adoption of a specific UN Framework Convention is the way in the right direction. South Africa's presidency of the G20 begins this month in an auspicious way, following in the footsteps of Brazil.

These advances may not be enough to bring disconnected people back to trusting news. But it offers hope that progress is possible, and that all is not lost.

Magdalena Sepúlveda is director of the United Nations Research Institute for Social Development (UNRISID) and a member of the Independent Commission for the Reform of International Corporate Taxation (ICRICT).

Views expressed in this article are the author's own.

Follow The Daily Star Opinion on Facebook for the latest opinions, commentaries and analyses by experts and professionals. To contribute your article or letter to The Daily Star Opinion, see our guidelines for submission.