Regaining confidence in multinational trading system an urgent task for G20, writes Norio Maruyama
Growth must be more equitable as the global economy will never develop in a sustainable way if we fail to deal with disparities.Japan will host the Group of Twenty summit in Osaka on June 28 and 29. As the only member in the G20 from Africa, SA will play a decisive role in policies discussed. On the agenda are the following; sustainable growth in the global economy, climate change and marine plastic pollution. As well as digital innovation, big data and robotics.
The G20 members need to provide strong political impetus for a better functioning WTO. In this regard, Japan has a firm political will to lead the world, keeping the flag of free trade waving high and maintaining and developing multilateral free trade systems. As for the ageing population, there has been strong support among the G20 members to deepen the discussion on this subject as an important issue to be solved for more inclusive growth. Japan, with experience as a frontrunner of ageing societies, will contribute to the G20 discussion.The G20 makes efforts to tackle global challenges enumerated in the sustainable development goals . In this area the discussion at previous summits will provide an important foundation for Osaka.
Infrastructure is a driver of economic prosperity. The G20 has highlighted the importance of quality infrastructure investment and endorsed the G20 principles for quality infrastructure investment, which include elements such as openness, transparency, economic efficiency and debt sustainability, at the G20 finance ministers and central bank governors meeting. These principles are expected to be endorsed by the national leaders at the G20 Osaka summit.
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