"Emerging markets need to be more active, better represented and an integral part of international financial integration." Luiz Fernando Furlan, Chairman of the Board, GALF Empreendimentos, Brazil

In Dubai, Global Agenda Councils focused on the economic, political and social conditions in several countries and regions including Australia, Africa, China, Latin America, Korea, Japan, the Middle East and Russia. The discussions covered more than 100 nations. While each area has its own priorities, there are many shared concerns. Foremost among them: the impact of the unfolding financial crisis. "Fear is dominating the international arena," said Rapporteur Luiz Fernando Furlan, Chairman of the Board of GALF Empreendimentos, Brazil. "Trust needs to be restored."

That urgent call would certainly apply not just to the international financial system but to geopolitical relationships as well. Since the crisis, many countries and groups such as the G20 that met in Washington DC just days after the Dubai Summit have underscored the critical need to resist protectionism and conclude the Doha Round of global trade negotiations under the World Trade Organization (WTO). But accomplishing those two goals will require the subordination of intense national interests at a time of great economic stress in favour of the greater regional and global good. "What we need now is an entirely new global cooperation system," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

The agenda for collaboration is long. The economic priorities include rebuilding confidence in markets, stabilizing and strengthening the international financial system through the recapitalization of financial institutions, accelerating poverty-reduction initiatives that are now even more critical, and increasing the representation of emerging economies in the international bodies that will reconstruct the international financial architecture. "Emerging markets need to be more active, better represented and an integral part of international financial integration," Furlan reckoned.

On the environmental front, several Councils focused on the need to build up the green economy and to address energy security. Economies need to diversify their sources of energy to lessen dependence on fossil fuels and improve their energy efficiency to address the challenges of climate change and sustainability. Participants emphasized the importance of reaching a post-Kyoto Protocol global deal by 2010.

Councils focusing on Regions

Global Agenda Council on: •  The Future of Africa •  The Future of Australia •  The Future of China •  The Future of Japan •  The Future of Korea •  The Future of Latin America •  The Future of the Middle East •  The Future of Russia

The discussions of the Global Agenda Councils focused on regions inevitably overlapped with those relating to global governance. The consensus was that global governance structures have to be more inclusive and that trade integration has to proceed to counter the threat of protectionism. "There needs to be greater accountability in the international financial system," said Howard Davies, Director of the London School of Economics and Political Science, and a former Chairman of the UK's Financial Services Authority. "There isn't anybody clearly in charge." Major emerging economies should have a stronger voice in the discussions over reform, Davies concluded. The incoming US administration will have to work closely with the G20, Soud Ba'alawy, Executive Chairman of Dubai Group, United Arab Emirates, advised.

But beyond the management of the crisis, emerging regions have to step up on a wide range of global issues. "Africa needs a more active voice in international governance," said Furlan. The world too needs Africa to progress and integrate more with the global economy. That means diversifying its economies and decreasing the continent's dependency on commodity exports. Similarly, the world needs for Latin America, with its extensive water reserves and natural resources, as well as its rich biodiversity, to keep growing strongly. The Middle East, meanwhile, has to become an active player in recasting the international financial architecture. Governments there have to use education to address the problem of religious and political extremism and militancy.

Another priority of the international community, particularly the United States and Europe, is to address a resurgent Russia. "Facilitating Russia's accession to the WTO will be good for everybody," Furlan explained. Russia's membership is currently stalled, with ongoing negotiations with the US and the European Union the main stumbling block. The EU and the North Atlantic Treaty Organization (NATO) have to find ways to build links or even extend membership to former republics of the Soviet Union without antagonizing Moscow. The recent Russia - Georgia conflict has only complicated the situation.

Councils focusing on Asia discussed the prospects of China and India sustaining their high growth and thereby contributing to maintaining stability in the global economy. There was concern that the flagging momentum for economic reform in Japan would not likely revive soon because of recession.

Finally, participants in many Councils and in the cross - Council exchanges stressed that leadership is crucial. The election of the youthful Barack Obama to lead the United States is clearly a source of inspiration and hope across the world. But to address the multiplicity of global challenges and to reconfigure global governance for the 21st Century will require many more Obamas with the same "Yes, we can" message - or the emergence of some kind of global champion or visionary for a new system who can rally the international community together.

Councils focusing on Regions