Success in meeting these objectives depends, inter alia, on good governance within each country. It also depends on good governance at the international level and on transparency in the financial, monetary and trading systems. The Commission reiterates the continuing relevance and importance of all the principles agreed in the Rio Declaration, including the principle that, in view of the different contributions to global environmental degradation, States have common but differentiated responsibilities, as set out in principle 7. 2. There is a need to ensure a balance among economic development, social development and environmental protection since these are interdependent and mutually reinforcing components of sustainable development. The process of globalization is one of the elements of the international economic environment and presents opportunities as well as challenges and risks for sustainable development.
Globalization has, in principle, the potential to benefit all of the world s people.
However, the recent period of rapid globalization has seen an increase in inequality among countries and to some extent within countries. This is due primarily to the fact that the benefits of globalization have not been shared in an equitable manner. Answers must be found to the question of how to advance economic growth and sustainable development in all countries , particularly in developing countries, and to spread the benefits of globalization equitably. Expanding international trade and productive investment, and the accompanying technology transfer, while protecting the environment, as well as strengthened partnerships between developed and developing countries and between the state and major groups, in particular the private sector, can contribute to sustainable development. The international community and governments have a key role in taking steps to help ensure that globalization supports sustainable development.