Has a new world order arisen from G20? - ERDAL TANAS KARAGÖL

Has a new world order arisen from G20?

The G20 Summit over which Turkey presided gathered the world's countries in Antalya. The issues discussed in G20 were already important. The Paris attacks which took place just before the Summit increased the importance of the message that would emerge in the G20 declaration.

How did the G20 Summit when Turkey was the term president differ from other G20 Summits? Let us briefly look at what the results emerging from the G20 Summit mean.

Reflections from the G20 declaration

The main item on the agenda of the G20 Summit was inclusive growth.

In previous terms, G20 only focused on economic growth. This time, in the presidency of Turkey, there was a strong emphasis on fair distribution of wealth created as a result of economic growth.

This also shows that in the new period for Turkey and the G20 countries, in addition to increase in economic income, fair distribution of income will be one of the important items on the agenda.

The inclusivity of economic growth will not merely reduce income inequality. With the decrease in social and economic inequality in many countries, social peace will be realized as well. The disappearance of social peace has become a threat throughout the entire world.

Also, it is important that a Muslim country such as Turkey carried the problem of the poor countries to the G20 Summit. It has a high power of representation and is an effective country in the region, a pioneer on issues of inclusive growth and resolution of inequality.

Especially on the issue of access to energy that people living in developing African countries need, gathering ministers of energy and bringing it to the agenda indicates that Turkey has successfully fulfilled its mission in its G20 presidency.

The main outstanding topic in the G20 was terror.

The attacks that took place in Paris before the G20 Summit has shown developed countries, which closed their eyes and ears to the Syria issue and Syrian refugees, the need to cooperate against terror. Both economic and social problems are global now.

Finding solutions to problems can only be possible when developed and developing countries act together.

International Institutions Should Be Reformed

One of the most remarkable points in the declaration was the item about the The International Monetary Fund (IMF).

In the reform of the IMF, the determination reflected in the declaration related to implementation of reforms in 2010 was quite important.

The “quota” structure's becoming fairer and more equitable in determining the power of representation of countries in the IMF closely concerns the economies of developed and underdeveloped countries.

Also, the power of representation of currencies that forms the Special Drawing Rights (SDR), which we can define as the currency of the IMF, should be reviewed fairly.

Otherwise, the perception of the IMF that prioritizes the benefit of developed countries will continue. But the global economic conjuncture requires an increase in representation of developing and underdeveloped countries in international institutions like the IMF as well.

If institutions and organizations like the IMF and the World Bank do not give the power of representation to developing and underdeveloped countries according to the size of their economies, even if not in the short term, new institutions can be established.

The question of whether international institutions will no longer be able to solve global economic problems in their current state has become more important.

Also, G20 countries represent 80 percent of world trade, 85 percent of the world economy and two-thirds of the world's population. Even if it has such a broad power of representation, the fact that G20 decisions have no sanction power emphasizes the necessity for a new corporate structure for G20 in the new term.

Turkey drew attention to the necessity of implementing decisions taken by adding it into the final declaration.

Finally, Turkey met the expectations of underdeveloped countries by taking issues which have been neglected for years to the G20 Summit.



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