Economists call for efforts to safeguard multilateralism
- By Gong Yingchun
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E-mail China.org.cn, October 3, 2018
Officials and economic scholars from the Group of Twenty (G20) countries have called for greater efforts to maintain multilateralism amid surging unilateralism and protectionism.
They made the call during a think tank forum in Shanghai on Sept. 29 aiming to offer suggestions on the issues to be discussed in this year's G20 summit scheduled to be held in Argentina's capital of Buenos Aires from Nov. 30 to Dec. 1.
In his annual address to the United Nations General Assembly last week, U.S. President Donald Trump urged the world to reject globalism.
Faced with rising unilateralism and protectionism, Argentinian ambassador to China Diego Ramiro Guelar expressed his concerns over the trade wars Trump has ignited with other G20 members. "It's going to be a great challenge for the G20 organization," he said.
Moreover, the global multilateral trading system under the framework of the World Trade Organization (WTO) is facing unprecedented challenges and uncertainties, and various experts at the forum offered their opinions on reforming the body.
"The WTO should be saved. It's the only trade form where all the major economies are represented," said Andre de Mello e Souza, a senior research fellow at the Institute for Applied Economic Research of Brazil, adding that global economies should "think of ways to move forward and to save the WTO".
Dhrubajyoti Bhattacharjee, research fellow at Indian Council of World Affairs, stressed the WTO platform "should not be off the menu even if its outcomes are not fulfilling."
He Shuquan, professor at the School of Economics at Shanghai University, noted that some necessary changes needed to be made, however, to keep the WTO functioning well.
"When we change something, all the members should put forward their suggestions, not just one or two players putting forward their plans," he added.
The upcoming G20 summit in Argentina is seen as a good opportunity for member countries to settle disputes and step up efforts to maintain multilateralism and safeguard the achievements of globalization.
"If we don't work together [to safeguard multilateralism], there won't be a future for fair trade in the world," said Pablo Ava, head of Policy and Research of the Argentina Council of Foreign Relations.
The Think 20, or T20, is a major platform for global high-level experts to provide ideas to help the G20 in delivering concrete and sustainable policy measures.
The Shanghai forum, with the theme of "G20, Globalization and Belt and Road Initiative: Perspectives for a Shared Future", was jointly organized by the Institute of Global Studies of Shanghai University and the Argentine Council for International Relations.
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