[Answered] Critically analyze the role of the G20 in shaping and strengthening global architecture and governance on all major international economic issues. Also, suggest some measures to increase Its effectiveness.

The G20 is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together the world’s major advanced and emerging economies. Moreover, The G20 Countries together represent around 85 percent of global GDP, 80 percent of global trade, and 60 percent of the world’s population.

Significance:

• New model of international cooperation: The role of the United Nations and the World Trade Organization in securing cooperation between donor and recipient country groups is losing centrality. G20 provides multilateral commitments on aid and trade are faltering.
• G20 provides policy coherence, analysis and practical tools to support growth and development. This helps G20 members to better target their cooperation with developing countries and can help amplify development efforts on the international agenda.
• G20 plays a critical role in creating an enabling environment for inclusive global growth and development.
• Its work on ensuring financial stability, promoting growth and avoiding and managing crises is critical in supporting the opportunities.

Challenges:

• There is presumed equality that we are all in the same boat, recognised in the case of climate change.
• G20 is criticised for being just a talk show where countries try to resolve their bilateral issues or do diplomacy with nations.
• The G20 focuses mostly on reforming the global financial system to increase global economic growth.
• Animosity, shifting coalitions and potential blocs within the G20 — such as the G7 and BRICS — affect the likelihood of reaching consensus within the group.

Measures to increase its effectiveness:

• New conceptual model seeking agreement on an agenda limited to principles rather than long negotiated moderating text. For instance, the Rio Declaration of 1992
• The presumed equality, recognised in the case of climate change, needs to be expanded to other areas with a global impact redefining ‘common concerns’.
• Harnessing the potential of the digital-information-technology revolution requires redefining digital access as a “universal service” that goes beyond physical connectivity to sharing specific opportunities available.
• Open access software should be offered for more cost-effective service delivery options, good governance and sustainable development.
• For finding solutions to problems of natural resource management, agricultural innovation etc. analysing Earth observation data will require regional and international collaboration.
• A Global Financial Transaction Tax needs to be revived to be paid to a Green Technology Fund for Least Developed Countries.

As a larger chunk of G20 integrates larger population, the role of G20 has become more and more fierce and integral. A comprehensive and collective endeavour is a need for an hour for the institution to live.