Multilateralism for an inclusive world

In the post-war period, the multilateral system has delivered major economic and social progress. Globalization ushered in an unprecedented era of growth, lifting hundreds of millions of people out of poverty. Openness and partnership between countries played a critical part in this success. The United Nations, the World Trade Organization, and the Bretton Woods organizations have been the underpinnings of the multilateral economic system. They became the forums that shaped the "rules of the game" for a global system in which countries have thrived.

Today's world economy is more complex than ever and there are multiple global challenges, such as lackluster growth, climate change, pandemics and refugees. These are putting increasing demands on the multilateral system. Much as we need more international cooperation, multilateralism has come under stress. Protectionist rhetoric and actions are on the rise. Some blame the global financial crisis on excesses caused by globalization. And, although the gains from globalization have been huge, not everyone has benefited, and some are left behind. In response, some countries are turning away from the multilateral solutions of the past.

But there is no going back. Earlier this year at Davos, President Xi Jinping said that the global market system is the ocean we all swim in and cannot escape from. "Any attempt to... channel the waters in the ocean back into isolated lakes and creeks is simply not possible," he added. It is up to us to make sure that everybody can swim in that ocean. This means we need a stronger, more inclusive and more innovative multilateralism.