Experts hail G-20’s role in easing crisis Monday, 31 May 2010 02:30

By MOHAMED SAEED

DOHA: Experts taking part in the pre-lunch plenary session of the World Economic Forum’s Global Redesign Summit 2010 here yesterday highlighted the role of G-20 and said it was because of its effective role that the adverse impact of the global financial turmoil could be diluted to some extent.

The two-day summit kicked off at the Doha Sheraton yesterday with Qatar playing a lead role in convincing the World Economic Forum to hold the Redesign conclave in the aftermath of the world economic meltdown.

Several heads of state and governments as well as ministers and experts from different disciplines from across the world are attending the coveted meet.

The affect of the global financial crisis on countries irrespective of their economic strength and resourcefulness would have been worse than the Great Depression of the 1930s had G-20 not been there, speakers said.

The discussions were briefly on whether G-20 could be more efficient a world body that the United Nations. Experts, though, disagreed and said the UN had over 190 countries with a collective population of 6.8 billion as members, so there was no question of G-20, a relatively smaller body represented only by some ‘bigger’ countries as members, leaving the UN behind in efficiency.

In the UN, which is a much broader world platform, even a small member-country had a voice and could put its viewpoint without any inhibitions, argued speakers.

Replying to a question during the discussions as to whether G-20 was only a body taking care of economic issues, experts said G-20’s recent meeting in Toronto, Canada, covered several key political, social and security-related questions alongside economic issues.

China which is a key G-20 member, was, especially, supportive of it with the Chinese ambassador and Permanent Representative at the UN in Geneva, He Yafei, highlighting G-20’s role in helping tackle the impact of the global financial turbulence on the world at large.

The pre-lunch plenary session was devoted to ‘Renovating the International System, and speakers included Ahno Ho-Young, Deputy Minister of Foreign Affairs and Trade, Korea, Lord Mark Malloch-Brown, Vice-Chairman of the World Economic Forum, and Josette Sheeran, from the World Food Program, Rome. It was chaired by Richard Samans, Managing Director of the World Economic Forum.

This plenary session basically discussed that when states are overwhelmingly dominant actors on the world stage and major policy decisions were commonly decided by a limited group of them, progress on international cooperation tended to be measured by the establishment of new inter-governmental legal frameworks and institutions.

“Reflecting our more complex, inter-dependent world, how can other potential dimensions of cooperation be more fully exploited, including practical, result-oriented coalitions, better information systems, strengthened existing institutions and more systematic integration of non-governmental expertise and resources?,” a Summit document asked.

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