The global landscape in the second decade of the 21st century is becoming increasingly unstable. Security concerns are escalating with major power rivalries and regional conflicts on the rise. UN Secretary-General Antonio Guterres has warned that the world is nearing a 'powder keg' situation, while Jordan's King Abdullah II echoed the sentiment, stating, 'I cannot recall a time of greater peril than this.'
Economically, the world is struggling to regain momentum. Since 2022, global economic growth has consistently lagged behind potential rates, with trade and investment levels remaining sluggish. The Sustainable Development Goals Report 2023 highlights that progress on over half of the SDG targets is weak or insufficient, and 30 percent have stalled or reversed. Compounding these challenges are threats like climate change, environmental degradation, pandemics, and terrorism.
In this volatile environment, the G20 stands as a crucial platform for global governance. Representing over 80 percent of the world’s economic output, the G20 facilitates dialogue and coordination among major economies. It has been instrumental in addressing issues ranging from macroeconomic policy and financial security to the digital economy and international taxation.
However, recent years have seen rising tensions and a surge in populism and protectionism, undermining the cooperative spirit of the G20. Despite these challenges, key players like the United States and leading European nations still incorporate elements of cooperation with China in their diplomatic strategies. This dual approach reflects the paradox facing the G20: its influence in global governance is waning, yet member states continue to make progress in areas such as sustainable development and anti-corruption.
Addressing global challenges requires collective effort. The G20’s role is more critical than ever, and restoring its central position in global governance is essential for both development and security. Major powers must embrace leadership and cooperation to ensure the effectiveness of the G20. The United States, in particular, needs to move away from a Cold War mindset that hinders collaboration with emerging powers like China.
On a positive note, China remains committed to a multilateral system centered around the UN, advocating for peaceful development and a shared future for mankind. By promoting extensive consultation, joint contribution, and shared benefits, China offers a pathway for the G20 to regain its relevance and effectiveness in addressing the world’s most pressing issues.
Reference(s):
Revitalizing G20: Major powers must shed Cold War mentality for unity
cgtn.com
