Beyond promises, now it's time to fulfill them.

In less than a week, the world's attention will shift from the conflicts in Ukraine and the Middle East to Brazil, where the leaders of the Group of Twenty (G20) leading developed and emerging economies will meet.

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 of Macau University of Science and Technology (China) wrote an article about the event, which was published in the South China Morning Post on November 13th.

More action is needed.

The first G20 summit was held in 2008 in Washington, when leaders came together to prevent the collapse of the financial system in developed economies due to 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, themed “Building a Just World and a Sustainable Planet,” announced 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 hopes for now is not just a joint statement, but also for G20 nations to act together. The G20 played a good role in addressing 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's economic governance system, and combating trade protectionism.

The Summit of the Group of Twenty (G20) leading developed and emerging economies

Furthermore, 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, with protectionism being one of the biggest barriers, affecting both investment and trade.

Both the US and the EU have erected barriers to Chinese electric vehicles, harming the global electric vehicle industry and efforts to address climate change. Despite the G20's repeated declarations of commitment to combating protectionism, it remains present and is growing, particularly targeting developing countries.

Step out of the beaten path.

According to Professor Jiang Shixue, cooperation within the G20 needs to be promoted in the spirit of "being in the same boat," especially on important issues such as mitigating climate change and reforming international financial institutions.

Professor Jiang Shixue asserted that the joint statements following each summit show that the G20 aspires to become a global organization capable of addressing a wide range of issues, from safeguarding world peace and promoting global economic growth to reforming the World Trade Organization, improving the international financial system, addressing 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, and all countries need to redouble their efforts in promoting global economic governance. Furthermore, the article clearly points out that the G20 needs to recognize the importance of institutionalization. Cooperation between countries takes two forms: non-institutionalized and institutionalized. Non-institutionalized cooperation refers to cooperation without a formal organization, clear goals, or a charter, although summit meetings are held regularly and joint statements are issued. Without a clear institutional mechanism, the G20's function is limited to discussion, allowing leaders to express their views through non-binding documents.

Finally, Professor Jiang Shixue hopes that, starting with the upcoming summit in Rio de Janeiro, the G20 will join hands and move towards practical actions.

In summary, while G20 summits have made significant contributions to addressing crises, more action is needed to truly fulfill their role and meet the expectations of the international community. G20 countries also need to focus on real priorities, strengthen cooperation, and move towards institutionalization to become a force capable of implementing global commitments.

Source: https://baoquocte.vn/hoi-nghi-thuong-dinh-g20-vuot-qua-loi-hua-den-luc-thuc-thi-293696.html