What are the effects of the meeting on climate policy?
With regard to climate policy, the differences seen at the Hamburg Summit in July 2017 persist. In Buenos Aires, all members of the group except the U.S. recognised the irreversibility of the 2015 Paris Agreement and supported its full implementation. In turn, the U.S. confirmed its withdrawal from the accord, emphasising attachment to energy security and the use of all energy sources while expressing concern for the environment. The division on climate issues may make negotiations at the climate summit in Katowice (COP24), which began the day after the G20 summit ended) more difficult. However, it should be emphasised that all G20 members supported efforts to implement the UN Sustainable Development Goals for 2030, including activities in the area of climate protection.
What was agreed on international trade?
The G20 members declared they appreciated the contribution of the international trade system to economic growth and job creation. However, it was pointed out that the multilateral trading system is “currently falling short of its objectives” and needs improvement. Thus, the G20 called for WTO reform and its increased effectiveness. An assessment in this matter is to be presented at the next summit in Osaka in June 2019. The group’s declaration is consistent with the U.S. position, which has been calling for changes in the WTO. The Buenos Aires G20 declaration did not mention the fight against protectionism addressed in the previous summit. This may be related to the United States’ use of such measures as a tool to fight what it deems unfair trade practices. In this context, the U.S. is mainly aiming them at China.
What other decisions were taken at the summit?
The “Buenos Aires Action Plan” was adopted. It predicts, among other things, further structural reform and strengthening of international financial architecture, including the IMF. Given the pace of technological change, it anticipates the need for support for employee protection and digital education. The G20 members are to strive to increase the private sector’s involvement in the development of infrastructure, including through standardisation of procedures, as well as fostering gender equality, including women’s economic empowerment. The summit declaration also stressed the importance of food security, including cooperation with the private sector and the scientific community to increase the productivity of agriculture. On the other hand, vague assurances on addressing the root causes of migration point to differences in this area within the G20.
What are the G20’s prospects?
During the summit, the importance of multilateral cooperation and international institutions for global development and stability was confirmed. The reference to multilateralism in the final declaration was uncertain until late because of objections from the U.S. administration. The meeting also confirmed that there are areas where cooperation within the G20 may be important, e.g., WTO reform. The limits of the G20’s effectiveness is not only visible from the diversity of the grouping—both developed and developing countries—but also differences in approach to key themes, such as climate. The G20 has proven it is an effective mechanism for coordinating economic policy during a crisis. It is also a useful forum for hosting bilateral talks on current disputes, as demonstrated by the meeting of U.S. and Chinese leaders.
