Economic and Financial Committee ECOFIN

The Economic and Financial Committee, or ECOFIN, is the Second Committee of the United Nations General Assembly. ECOFIN grapples with questions of economic growth and development, including global macroeconomic policy, sustainable development, globalization, and the eradication of poverty. This year, our thematic topic for ECOFIN is leveraging international cooperation to resolve local issues. Delegates will have the opportunity to build global platforms and think outside their country’s borders to build a more connected, sustainable, and safe world. Doing so will require delegates to address multiple interconnected issues within their solutions, creating broad frameworks containing specialized solutions that meet the needs of the international community.

Topic A: International Cooperation on Fighting Illicit Financial Flows
Money from dubious sources is prevalent throughout the global financial system and often goes to dangerous groups. National and international supply chains have been established to trade illicit goods, launder money, or finance forms of terror, which is why it is imperative to interrogate the ways in which nations can cooperate to disrupt these networks. No sector of the economy is untouched by illicit finance, from the multinational banks which process the money all the way down to the small businesses which launder it. Additionally, tactfully navigating the rights and jurisdiction of individual nations and their economies will be required as well. Delegates will have the opportunity to discuss actionable solutions to disrupt global criminal and money laundering networks, and build new frameworks to promote transparency, accountability, and fairness.

Topic B: Developing New Standards for International Trade Agreements
The core of this topic is the ways in which international trade can be more effective, more efficient, and more equal. The central issue delegates will have to face is how to balance the benefits of expanding the global market against protecting the interests of workers around the world. This could include addressing imbalances in existing trade agreements, building out robust worker protections, or establishing greater accountability for powerful foreign investors. As part of this discussion, they must critically consider the role of organizations like the WTO to judge whether they truly benefit everyone or whether they serve the interests of developed nations. Committee may focus on alternative forums for cooperation or reworking existing forums.