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The present Note examines how global cooperation through its various institutions and rules could be reformed and strengthened to better manage the increasing interdependence among countries and reduce inequalities within and among countries, part of which originate from inadequate global governance. It further considers how international cooperation could be transformed to better serve the fulfillment of internationally recognized economic, social and environmental standards in the post 2015 era, while preserving sufficient policy space for governments to achieve their own national objectives. The Note also identifies main principles to guide this reform process. Finally, it suggests a greater role for the UN in setting up the reform agenda of global governance and rules as proposed here to facilitate the achievement of sustainable development world wide.