This requires effective international cooperation, an open and fair trading and investment regime, respect for human rights, including fundamental workers rights and promotion of environmental standards, and renewed commitment to development. Markets do not exist in a vacuum. National markets are held together by shared values that balance the objectives of market efficiency with the imperative of social justice. As markets become more and more global, there is a pressing need to restore a balance between markets and social concerns at the global level. Private, voluntary initiatives, including social partnership initiatives, can make a positive contribution to this process.
Workers play a significant role in wealth creation.
Their trade unions have a special contribution to make to the development of the Global Compact. Indeed, countries with strong trade unions and healthy industrial relations have higher growth, increased stability, more equity and better observance of human rights and democratic principles - all of which contribute to achieving the principles in the Global Compact. Working with their business counterparts, trade unions can strengthen corporate social responsibility and help build the social dimension of globalization. Among international institutions, the ILO, with its tripartite structure and experience in employment and labour issues and standards, has a central role in informing this dialogue and working with all parties to the Global Compact. The Global Compact is an instrument based on universal standards.