G20 Agenda: How Russia Should Lead
While the G20 was established to manage primarily economic issues, its leverage has become more expansive in recent decades as G20 members have started “amalgamating into a political decision-making body as the political will of the member-countries’ political elite becomes the main driving force for the implementation of decisions made by the G20,” says Stewart Patrick of the Council on Foreign Relations.
With Russia assuming the chairmanship for the first time, Stewart lays out what he believes should be its agenda in the coming year.
Patrick suggests the G20 must “continue to press surplus and deficit countries to rectify longstanding global imbalances, while also pressing “for the evolution of the new Financial Stability Board into a fully-fledged international organization, with adequate staff, resources and authority to monitor and enforce the new financial regulatory standards it is promulgating.”
Lastly, rather than abandoning global trade, Patrick argues the G20 needs to “spearhead negotiation of more limited sectoral and plurilateral agreements, to which interested parties can adhere.”
Encouraging members to embrace a broader agenda of global cooperation and greater engagement between the member nations is not only Patrick’s view.
Vahram Ayvazyan examines in greater depth how the G20 will move forward in a world more globalized than when it was established in 1999.
“Global governance is not the responsibility of the few,” he writes in The Diplomatic Courier, adding that “it should be an undertaking by the many. The dramatic upward trajectory of the G20 is a rare glimpse into the international cooperation and political globalization processes.”