G20 should help address common global challenges

The international community expects the G20 Summit, to be held in Rio de Janeiro, Brazil, on Monday-Tuesday, to address rising global economic challenges. The existing global economic governance system is faltering against the growing tide of trade protectionism and unilateralism. The World Trade Organization's dispute resolution mechanism is nearly paralyzed, and reforms are stalled. Fragmentation is increasingly evident across the global trade system, which faces its greatest challenge since World War II.

Many hope the G20 Summit will address these issues and take a major step toward preserving a free and multilateral global order.

The rising trade conflicts, particularly those instigated by the United States and the European Union, are threatening global economic stability. Recent years have seen a proliferation of protectionist tariffs and sanctions, which are disrupting global production networks and fracturing industry, supply and value chains.