In less than a week, the world's attention will shift from conflicts in Ukraine and the Middle East to Brazil, where leaders of the Group of 20 leading developed and emerging economies are meeting.
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| The G20 Summit will take place in Brazil with the theme “Building a Just World and a Sustainable Planet”. (Source: Shutterstock). |
Ahead of the Conference, Professor Jiang Shixue, Macau University of Science and Technology (China) wrote an article about this event published on the South China Morning Post on November 13.
More action needed
The first G20 summit was held in Washington in 2008, when leaders came together to prevent the collapse of the financial systems in developed economies caused by the US financial crisis. Since then, the summit has been held annually, hosted by each member country under a rotating presidency.
The 2024 G20 Summit will be themed “Building a Just World and a Sustainable Planet” and will announce three priorities: Combating hunger, poverty and inequality; promoting energy transition and sustainable development; and reforming global governance.
According to Professor Jiang Shixue, what the international community now hopes for is not just a joint statement but also for G20 countries to stand up and act together. The G20 played a good role in resolving the 2008 global financial crisis by coordinating macroeconomic policies among its members.
However, since then, the organization has not been able to truly become a “leader” capable of solving many important issues such as promoting global economic growth, reforming the world economic governance system and fighting trade protectionism.
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| G20 Summit |
In addition, Professor Jiang Shixue emphasized that developed countries in the G20 need to set an example in promoting global economic growth. The world economy is facing many obstacles, of which protectionism is one of the biggest barriers, affecting both investment and trade.
Both the US and EU have erected barriers to Chinese electric vehicles, hurting the global electric vehicle industry and efforts to tackle climate change. Despite repeated pledges by the G20 to fight protectionism, it is still present and growing, especially against developing countries.
Step off the beaten path
According to Professor Jiang Shixue, cooperation within the G20 needs to be promoted in the spirit of "sitting in the same boat", especially on important issues such as mitigating climate change and reforming international financial institutions.
Professor Jiang Shixue affirmed that the joint statements after each summit show that the G20 has the ambition to become a global organization that can solve many problems, from protecting world peace, promoting global economic growth, reforming the World Trade Organization to perfecting the international financial system, solving food and energy security and implementing the United Nations 2030 Sustainable Development Goals.
However, according to the author, it is not easy to solve all global problems. Therefore, cooperation should be prioritized, all countries need to redouble their efforts in promoting global economic governance. In addition, the article also points out that the G20 needs to clearly recognize the importance of institutionalization. Cooperation between countries has two forms: non-institutionalized and institutionalized. Non-institutionalized refers to cooperation without a formal organization, without clear goals or charters, although summits are held periodically with joint statements. Without a clear institutionalization mechanism, the function of the G20 stops at discussion, allowing leaders to speak through non-binding documents.
Finally, Professor Jiang Shixue hopes that, starting from the upcoming summit in Rio de Janeiro, the G20 will join hands to move towards practical actions.
In conclusion, although the G20 Summits have made important contributions to dealing with crises, more action is needed to truly play their role and meet the expectations of the international community. G20 countries also need to focus on real priorities, strengthen cooperation and institutionalize to become a force that can implement global commitments.
Source: https://baoquocte.vn/hoi-nghi-thuong-dinh-g20-vuot-qua-loi-hua-den-luc-thuc-thi-293696.html
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