Highlights of the upcoming G20 summit

The 13th Group of 20 (G20) summit is scheduled to be held from Nov. 30 to Dec. 1 in Buenos Aires, Argentina under the theme of “building consensus for fair and sustainable development.” At a time when global protectionism and unilateralism is on the rise, many are highly anticipating the summit’s outcomes concerning major issues such as safeguarding multilateralism and building consensus.

Safeguarding multilateralism

Various parties have reiterated their position on safeguarding multilateralism ahead of the summit.

As a strong supporter of multilateralism and trade liberalization, Argentina firmly believes that only multilateral cooperation can promote the prosperity of world economy, and will unswervingly safeguard the multilateral trading system with the World Trade Organization (WTO) at its core, said Pedro Villagra Delgado, G20 Sherpa of Argentina.

Alicia Barcena, executive secretary of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) pointed out that the 13th G20 summit will be an opportunity to find solutions to such challenges as the surge in protectionism and trade frictions, adding that she expects all G20 members to signal strong support for multilateralism during the summit.

Building consensus

Broad consensus is a prerequisite of cooperation. At a time when international economy is facing challenges and increasing uncertainties, safeguarding the multilateral coordination mechanism is especially important, said Ronaldo Costa Filho, undersecretary for Economic and Financial Affairs at the Foreign Affairs Ministry of Brazil and Sherpa of Brazil to the G20.

Costa explained that Brazil has high expectations for the upcoming summit and hopes to see a consensus reached during the meeting.

Marina Larionova, head of the Center for International Institutions Research at the Russian Presidential Academy of National Economy and Public Administration, said she hopes issues including regulation of the international financial market, reform of the global financial system, investment in the construction of infrastructure, and innovative development projects will be examined during the summit and that leaders can reach a consensus.

Larionova also said that she expects G20 members to express their joint determination to follow WTO rules and regulations.

Expectations of China’s role

As the world’s second largest economy, an emerging economy, and a developing country, China has always committed itself to the safeguarding of multilateralism and free trade, while pushing forward with economic globalization that features fairness and sustainability, so its role in this summit is of great significance.

China hosted the 11th G20 summit in 2016, in Hangzhou, where the G20 members reached the “Hangzhou Consensus,” noted Larionova.

The fruits of the G20 Hangzhou summit, including China’s contributions to consolidating the multilateral mechanism under the framework of G20 and advancing the development of multipolarity, were confirmed by various state leaders during the 12th G20 summit in Hamburg, said Larionova, adding that she hopes this consensus will be reaffirmed and continued in Buenos Aires.

China is willing to cooperate with other countries and seek common development while pursuing its own progress. Latin American countries have seen this, and hope to strengthen economic and trade ties with China, noted Barcena.