Mission of global cooperation to avoid a looming economic crisis brought together a bold group of nations, representing 85 per cent of the world’s GDP and two-thirds of its population, under the banner of the G20.
National Concerns given prominence
National Concerns were given prominence in the meet over the international issues.
1. The question of excess steel capacity in China resulting in a flood of cheap imports into India, the U.K. and other economies.
Despite reports of resistance from China to any mention of steel policy coordination in the 7,000-word communiqué, the document had a “call for increased information sharing and cooperation through the formation of a Global Forum on steel excess capacity”.
2. Climate change was the other major agenda point.
Despite, Mr. Obama’s disappearing dream of securing full global support for the Paris Agreement before his second term ends, a symbolic bond of unity towards this goal in the form of the U.S. and China ratifying the Agreement has been viewed.
Contrarily in India, Prime Minister Narendra Modi’s negotiators has managed to escape off the deal be done before a December 2016 deadline.
Important International Issues discussed
Strengthening enforcement against international tax avoidance and advancing cooperation on Base Erosion and Profit Shifting, certainly got a shot in the arm from this G20 gathering.
Yet, there is no comparison to the patchy and vague nature of progress in these smaller goals to the collaboratively evolved financial regulation architecture that emerged from the ashes of the 2008 meltdown and put the brakes on excessive risk-taking by banks.
Examining the relevance of G20
This only begs the question: has the G20 lost its way, outlived its usefulness?
Would it be more institutionally efficient to revert to other regional groupings that have overlapping conversations on these very subjects? It may well be time to re-examine the G20’s purpose and, if necessary, recast its vision and mission entirely.