The G20 Can Agree on the Future

3 july 2019

"The G20 is the most non-binding organization. There are no rules, there is no consensus and no majority vote: there is nothing that ties the hands of the participants in the discussion," Leonid Grigoryev, Chief Adviser to the Head of the Analytical Center, said at the round-table held in the Press Center of the International Information Agency "Russia Today."

The expert called Russia "the Joker in the world state of things." The participation of our country in solving any world problem increases the importance of the issue, while Russia pursues its interests with great difficulties. In this context, the G20 is a place where we can agree on the future, as Grigoryev believes.

"Ultimately, everyone cares about their economic interests," he explained. "The Osaka Declaration is a normal work plan that is worth paying attention to. The world has a million problems to deal with. And if we implemented the Declaration in the coming years, moving away from the political confrontation, it would be of great benefit to all countries."

The expert commented on some of the provisions of the document. "Something needs to be done with the WTO: to organize a mechanism of disputes, i.e. resolution of disputes, which does not work in terms of sanctions, because sanctions are imposed not by considering a specific case by the national antimonopoly services but by collusion of administrative bodies that receive revenues from the introduction of sanctions," Grigoryev said.

He also drew attention to the ongoing process of the energy sector transformation: "The OPEC+ Agreement gives predictability, a stable corridor that suits both consumers and miners. The longer the prices remain stable, the longer the raising and the fewer recessions and financial crises will be."

"The Declaration is a good working document, in which everything is done smoothly and moderately, and achieved by mutual concession. It raises the issue related to the different kinds of potential complexities, risks, and crises that need to be addressed now. In this sense, it is not just a declaration; it is a brief guide to the risks for the next 20 years," Grigoryev concluded.

Video of the event on the website of the Press Center of the International Information Agency "Russia Today"

Photo is provided by courtesy of the International Information Agency "Russia Today"