G20 Common Framework: How effective is it?
Formed in 1999, during the uproar of the Asian financial crisis, the G20, initially, united financial ministers and central bankers from twenty of the world’s largest established and emerging economies.
Formed in 1999, during the uproar of the Asian financial crisis, the G20, initially, united financial ministers and central bankers from twenty of the world’s largest established and emerging economies.
West Asia has a tremendous innate capacity to spring surprises despite being a highly volatile region. Of late there has been a greater interest among major regional powers to consciously tone down the rhetoric and differences and work on aligning the common areas of interest through expanding reproachment.
By visiting China in 2008, Pushpa Kamal Dahal, also called Prachanda, became the first Prime Minister to break the tradition of Nepalese premiers choosing India as their maiden destination of visit. Fast forward to June 2023, Mr Prachanda not only chose India to be his first destination but also expressed contentment with his four-day visit, dubbing it an “astounding success”. The recent visit indicates that India and Nepal are moving beyond their fraught phase and taking this “hit” relationship to “Himalayan Heights.” During these four days, both countries prioritised convergences over divergences – they signed five projects and six MoUs. Areas such as hydropower electricity, connectivity, and people-to-people relations remained the centre of this fruitful engagement.
The G-7 Hiroshima Summit is the first hosted by Tokyo, Japan since the 2008 summit and comes at a time when the world is faced with enervating challenges such as the war in Ukraine, the threat of nuclear proliferation, rapidly transpiring impacts of climate change, economic security, unstable supply chains and the impact and regulation of sensitive technologies.
From all estimates and analyses it is abundantly clear that President Recep Tayep Erdogan was able to successfully overcome his detractors, his administration’s failures especially in dealing with the worst earthquakes and relief coordination and accusations of democracy deficit and indulgence in autocracy let alone the economic crisis and ultra-Islamism.
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation's (BIMSTEC) journey since 1997 is reminiscent of many shared collective memories. Not only energetic engagements, the BIMSTEC activities underscored the benefits of staying together.
BRICS on a mini-lateral level is focusing and yielding rather significantly on what other major groupings and multilateral organisations are aiming at. It has begun to provide an alternate avenue of cooperation from trade, and finance to resolving regional and global issues to counter-terrorism and capacity building. But, it is not free of issues.