Leaders gathered at this year’s G20 summit in South Africa raised concerns about the group’s ongoing relevance and effectiveness in light of increasing geopolitical tensions and a rapidly evolving global landscape. Established in the late 1990s, the Group of 20, spearheaded in part by former prime minister Paul Martin, has convened annually since 2008 with a primary focus on fostering international economic and financial stability.
The G20 symbolizes the pinnacle of multilateralism, promoting the notion that nations can collaborate, compromise, and coordinate for the collective benefit. However, significant transformations have transpired over the past two decades, leading to current challenges.
French President Emmanuel Macron, addressing the summit’s commencement, highlighted the struggle to address major crises collectively, suggesting that the G20 might be approaching the end of a particular phase. Prime Minister Mark Carney described a “rupture” in the global order, attributing it to the actions of the United States and President Donald Trump.
Trump’s trade conflicts with various nations, paired with his transactional approach to geopolitical issues such as the Ukraine conflict, have steered G20 members towards prioritizing economic security over integration. Even China, often criticized for unsettling global security, expressed apprehensions about the future.
Chinese Premier Li Qiang decried the prevalence of unilateralism and protectionism, prompting reflections on the state of global unity. Finland’s President Alexander Stubb, attending the G20 for the first time, also voiced concerns about the fate of multilateralism, emphasizing the shift towards deal-making, which heightens susceptibility to conflicts.
Despite the absence of U.S. representation at the summit, Foreign Affairs Minister Anita Anand highlighted the unity demonstrated through the adoption of a consensus declaration at the summit’s outset. This solidarity among G20 members is significant, especially amid global uncertainties.
The G20’s evolution without U.S. involvement has prompted countries, particularly middle powers like Canada, to seek and establish alliances with like-minded nations to enhance trade, investment, and security. Carney stressed the importance of seizing the opportunity to build a new future rather than dwell on nostalgia, emphasizing the need for proactive strategies.
Carney’s initiatives at the summit included securing a substantial investment in Canada’s economy from the U.A.E., initiating talks for a new investment agreement with South Africa, and commencing negotiations for a trade deal with India. These efforts align with Canada’s pursuit of diversified trade relations and strategic partnerships.
Furthermore, Carney’s discussions with European Commission President Ursula von der Leyen and Vietnam Prime Minister Phạm Minh Chính aimed to bridge the Pacific Rim and EU trading blocs, fostering enhanced trade, investment, and collaboration across various sectors.
Looking ahead, the G20’s future appears promising with upcoming presidencies held by the U.S., U.K., and South Korea. Despite current challenges, proponents of global cooperation assert that multilateralism is not obsolete but rather undergoing transformation. Carney envisions a shift towards a more inclusive global economy, presenting new opportunities for countries like Canada to engage in mutually beneficial multilateral arrangements.