Zhengguan News Comprehensive Foreign Media Report On November 16, local time, the G20 (G20) summit came to an end on Indonesia , and the "Declaration on the Bali Summit of the G20 Leaders" (hereinafter referred to as the Declaration).
This meeting was held against the backdrop of the outbreak of the Russian-Ukrainian conflict and was called the "most difficult" G20 summit by Indonesian President Jokovic . So, what achievements have been achieved at this summit?
promises to take coordinated actions to promote the strong recovery of the global economy
Declaration stated that from the conflict between Russia and Ukraine to the soaring inflation, the world economy is facing an "unprecedented multi-dimensional crisis." At this critical moment, the G20 must take practical, accurate, swift and necessary actions to leverage all available policy tools to address common challenges, including through international macro-policy cooperation and specific areas.
Indonesian President Joko Widodo Picture source network (same below)
Twenty central banks will adjust their monetary tightening policies while paying attention to global inflation issues, and at the same time it is necessary to limit the "transnational spillover effect" brought by interest rate hikes . Another important commitment in the
declaration is: "Take action to promote food and energy security, support market stability, provide temporary and targeted support to mitigate the impact of price increases, strengthen dialogue between producers and consumers, increase trade and investment to meet long-term food and energy security needs, and have a resilient and sustainable food, fertilizer and energy system."
So, can this declaration build consensus and reverse the downward trend of the world economy?
International Strategic Institute (IISS) analyst James Crabtree believes that the role of G20 is not as good as before. "Because the United States, the EU and Russia cannot cooperate with each other, even if there is progress in inflation , food security, and climate change, even if there is a problem, it will be minimal. Therefore, although there is such an organization, it cannot play the due role together."
Indonesian Finance Minister and former Executive Vice President of the World Bank , Sri Mulyani, attended the first G20 summit in 2008. In an exclusive interview with foreign media, she said that under the pressure of the financial crisis, "global leaders had unprecedented solidarity and efficiency."
Muliani still recognizes its value and importance for today's summit. She believes that meetings between leaders of various countries and a series of bilateral talks can at least bridge stereotypes.
G20 National Flags on the site
"This is not just G7, it is not a ally of you and your own, or Russia and his friends, but a very diverse 20 countries, forming a working order based on peace, stability and mutual respect, so we produce results and are praised. If we give up this form, the world will be in a very difficult situation." Muliani said.
In any case, the summit can be held, which is another success for the world economy.
Russia is condemned, will G20 become G19?
Along the time before the summit, Indonesian media issued articles calling on the governments of Western countries to not "quarrel" at the G20 summit. The Indonesian government has also frequently lobbyed leaders of European and American countries, and invited representatives from Russia and Ukraine respectively to try to reduce the smell of gunpowder at the summit. But undoubtedly, the Russian-Ukrainian conflict is one of the main topics of this summit.
Although G20 is not intended to deal with or solve security issues, the declaration points to the "significant consequences" of the security situation for the global economy.
Declaration recognizes the differences in views among member states on the Russian-Ukrainian conflict, but says it must comply with international law .
"Most members strongly condemn the Russian-Ukrainian conflict and stress that it is causing great human suffering, aggravating the existing vulnerability of the global economy." However, the declaration also acknowledges that member states have “other views and different assessments of the situation”.
Meanwhile, Russia insists on its tone of the conflict, saying its special military operations were a defensive measure.
G20 Conference Site
"Yes, a war is taking place in Ukraine, a hybrid war that the West has launched and prepared for many years." Foreign Minister Putin , who attended the summit, said so, and he returned to Moscow before the meeting was completely over.
And in Ukraine, the invited Ukrainian President Zelensky emphasized in his video speech G19, not G20, which obviously excluded Russia. Some experts also said that Putin's absence and declaration's condemnation of Russia reflect the country's embarrassing position at the G20 summit.
What is the next G20 summit, and whether there will be Russia, has become a new suspense. But as Jokovic said, "We need to cooperate to save the world... The G20 must be a catalyst for an inclusive economic recovery. We must never divide the world into several pieces, and we must never let the world fall into another Cold War ."
