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The key economic takeaway from the two-day G20 summit, which wrapped up on September 10 in New Delhi, was the declaration of the importance of maintaining a "multilateral" approach to solving global problems, from food security to climate regulation, including a call to fully factor in the unique economic development characteristics of each country. The G20 leaders also called for reforming the World Trade Organization (WTO), with the summit’s final statement underscoring the need to maintain an open trade system and fight protectionism, despite the current trend in world trade toward a more pronounced segmentation into blocs of like-minded countries, Kommersant writes.
The G20 final statement, which was unanimously supported by all countries, warned of the risks of a global economic slowdown and a reversal of progress toward "sustainable" development goals. While the G20 is not a forum for resolving geopolitical differences, the latter can have a significant impact on the global economy and long-term economic prospects, the statement said. At the same time, the G20 stressed the importance of an "open and transparent" trading system with the WTO "at its center," as well as the need to resist protectionism and anti-market policies.
Following in the footsteps of the BRICS group, the G20 also expanded its membership at this year’s summit, with the African Union (representing 55 African countries) becoming the 21st member of the organization.
Russian Union of Industrialists and Entrepreneurs (RSPP) Executive Director Sergey Mikhnevich emphasized the importance of reviving multilateralism in international cooperation, thus making the unanimously adopted text of the final declaration a significant achievement in the current environment.
The expert noted that a broader interpretation of ensuring food security is also relevant for Russia, with a focus not just on supplies of food and fertilizers, but also on other key components of ensuring food security, such as delivery logistics and the processing and preparation of agricultural products.