The G20 is considered no longer relevant as a multilateral cooperation group. Photo/Reuters
NEW DELHI – The G20 group of major economies reached a tough compromise on the war in Ukraine and discussed other key differences in a summit declaration at the end of last week. They present some concrete achievements in their work on global financial issues.
Diplomats and analysts said the surprising consensus in the summit’s statement on the Russia-Ukraine conflict avoided a split within the group. The joining of the African Union as a new member represents a win for host India and for developing countries, but the rest is a win.
Here are 5 reasons that suggest the G20 is no longer relevant,
1. Reach Consensus in Rhetoric, Not Actual Action
“The G20 is at its best as a multilateral forum when they can reach consensus – not only in terms of language, but also in action – to deal with serious global issues, such as the global financial crisis,” said Michael Froman, president of the Council on Foreign Relations. based in New York, reported by Reuters.
“Going forward, the focus should be on that, not on the statement itself,” said Froman, a former US trade representative who also worked as a G20 and G8 negotiator in Washington.
The summit declaration avoided condemning Russia for the war in Ukraine, but highlighted the human suffering caused by the conflict and called on all nations not to use force to seize territory.
Few expected the G20 to reach a consensus on the document, let alone on the first afternoon of the two-day summit, as the group failed to agree on a single communiqué at 20 or more ministerial meetings this year due to the intransigence from G20 leaders.
2. Losing influence with BRICS
Failure to agree on a summit declaration would signal that the G20 is divided, perhaps irrevocably, between the West on one side and China and Russia on the other.
And as Beijing seeks to overhaul the world order by expanding groups like the BRICS and the Shanghai Cooperation Organization, the G20 could become irrelevant.
3. Only Focus on Economic Issues
The G20 was created as a platform for finance ministers and central bank governors in 1999 to counter the effects of the Asian financial crisis and the meeting was expanded to include leaders after the global financial crisis in 2008.
Its primary role in coordinating responses to economic issues – including global taxation and helping low-income countries manage their debt burdens under the Common Framework in recent years – has been diluted as the need to seek consensus has weakened agreements, analysts say. .