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Another G-20 Summit

16 4 0
23.04.2019

The annual meeting of political leaders of countries from twenty of the world’s leading world economies (The Group of 20, G-20) will be held this time on June 28-29 in the Japanese city of Osaka. However, there are already reasons to discuss both the significance of the G-20 forum, as well as current issues that will be presented for review to its executive body, which is what a “Summit” is.

From its inception in the second half of the 1990s, the G-20 format has trodden the path of gradual evolution as a continuously operating body, whose main function at the expert level goes on almost constantly and within a wide span of the world’s economic problems. The Summit tackles the most important, and to a limited extent, previously examined issues Such matters occupy a larger and larger share in the area of finances and international trade.

The Group of 20’s meetings at the highest level began to be held in 2008, in particular, as an emergency measure of reaction to the financial crisis that burst out at that time. Since new problems keep piling onto the negative consequences (especially in the area of international trade), the G-20 Summit began assembling annually.

At the current stage where the radical transformation of the world’s order is accelerating and nearly all international institutions are losing competence, the G-20 remains almost the only international platform of an intergovernmental format for attempting to accommodate viewpoints (often directly contradictory) on existing problems, and their resolutions.

The G-20 occupies an intermediate position between intergovernmental organizations and forums, such as the UN and G-7. The former is too cumbersome and overburdened with “humanitarian” problems that have firmly saddled the world’s political self-righteousness.

As far as the G-7 is........

© New Eastern Outlook