G20 urged to focus on economic governance, development issues

NEW DELHI, Sep 09 (DNA): The Group of 20 (G20) should refocus on
improving global economic governance and tackling development issues to
boost confidence in the world’s economic recovery, said experts, as the
G20 summit kicks off in New Delhi on Saturday.

The experts said that leaders of the world’s major economies are
expected to find ways to work together and build consensus on the
pressing economic challenges facing the world today.

A significant challenge for today’s world is the lack of multilateralism
in global governance, said B. R. Deepak, chairperson of the Center of
Chinese and Southeast Asian Studies at the New Delhi-based Jawaharlal
Nehru University.

“Some countries, especially in the West, are adhering to the policies of
protectionism, nativism, exclusivism and perhaps not believing in the
kind of multilateralism which the developing countries believe in,” he
said.

He said that multilateralism is one of the key agendas of the G20,
hoping the group would send a clear message to the world about the need
for stronger multilateralism.

Created in 1999, the G20 is a leading forum for international
cooperation on financial and economic issues. It comprises 19 countries
plus the European Union, representing around 85 percent of global GDP,
over 75 percent of global trade and about two-thirds of the world
population.

In 2008, against the backdrop of the global financial crisis, the
meetings of G20 finance ministers and central bank governors were raised
to the level of heads of state and government for better crisis
coordination. Altogether, 17 summits have been held.

This year’s summit, themed “One Earth, One Family, One Future,” focuses
on inclusive growth, digital innovation, climate resilience and
equitable global health access.

Progress is needed on specific issues at the G20 summit in India, said
Hasanul Haq Inu, chairman of Bangladesh’s Parliamentary Standing
Committee for the Ministry of Information and Broadcasting.

Although G20 members have differences, some common issues provide a
possibility for unified decisions for progress, Inu said, stressing the
need for a common approach to economic, social and environmental issues.

The lawmaker said political issues should not affect decisions on
economic issues, noting that trade restrictions in many countries hinder
the smooth functioning of supply chains.

Multiple challenges continue to weigh on global growth, including
persistent inflation, financial volatility, deepening geo-economic
fragmentation, and increased debt stress in emerging economies and
developing countries.

Global growth is projected to fall from an estimated 3.5 percent in 2022
to 3.0 percent in 2023 and 2024, according to the World Economic Outlook
Update published by the International Monetary Fund in July.

As an international forum representing the world’s major developed and
emerging economies, the G20 needs to reinvigorate the 2030 Agenda for
Sustainable Development and promote North-South cooperation to achieve
the agenda’s goals, said Inu.

In Deepak’s view, the current economic development issues in the Global
South must be addressed with effective financing and technology
solutions.

“We will perhaps see more collaboration, more rolling out of policies
and funding, including technology transfer from the Global North to
these countries,” he said.

G20 members have a significant role to play in global governance, said
Allan Behm, director of the International and Security Affairs Program
at The Australia Institute.

“They are countries that can contribute enormously to human progress,
especially in health and education. As their economies expand, the
global economy expands at the same time,” said Behm.

As the world’s second-largest economy and the largest developing
country, China supports the G20’s leading role in addressing global
challenges and improving global economic governance, calling for
increased representation for developing countries in international
affairs.

The voice of the Global South remains weak in international
organizations such as the United Nations, the World Bank and the
International Monetary Fund, according to Inu.

“China can address these issues within the G20 and be a champion of
Global South’s interests,” said Inu, who also appreciates China’s
support for the African Union’s inclusion in the G20.

Teuku Rezasyah, associate professor of International Relations at
Padjadjaran University, Indonesia, expects China to promote programs to
fill the gaps in current Global South cooperation by utilizing its
advantages in infrastructure, research and development, traditional
medicine, renewable energy and sustainable growth.

China has taken active measures in addressing a range of global issues,
Inu said, adding that he believes China “can play a very positive role”
at this year’s G20 summit. DNA

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