Context
The global economy is under threat not only because of the pandemic but it was already slowing down before that. Italy, Indonesia and India, which will be assuming the G20 Presidency over the next three years.The three ‘I’s will have to remind the rest of the world that you cannot develop the world by only saying ‘I’. You have to say ‘We’.
Issue
A lack of multilateralism is going to create more challenges in dealing with global issues — whether it’s economy, healthcare or climate change.
Solution
- There is need to ensure that multilateral bodies such as the World Trade Organisation (WTO) and the United Nations (UN) remain relevant.
- The G20 has the responsibility and obligations not only to those who are present in the room, but also those that are not in the room. UN and WTO must be asked to change with the changing times, he said that outright denial of multilateralism
India will assume the presidency and host the G20 summit in 2023, while Italy and Indonesia will steer the presidency in 2021 and 2022.
What is the G20?
- The Group of Twenty, or the G20, is the premier forum for international economic cooperation.
- The G20 brings together the leaders of both developed and developing countries from every continent.
- Collectively, G20 members represent around 80% of the world’s economic output, two-thirds of global population and three-quarters of international trade.
- Throughout the year, representatives from G20 countries gather to discuss financial and socioeconomic issues.
Unilateralism
Unilateralism is an approach in international relations in which states act without regard to the interests of other states or without their support. Unilateralism is usually contrasted with its opposite approach,
Multilateralism.
Multilateralism is acting cooperatively with other states. Though unilateralism is often used in a negative way, experts agree that there are positive aspects to occasionally acting unilaterally, such as in issues of national self-defense.
Source: The Hindu
