G20 must play bigger role in governance

When trade frictions among major economies escalated and talks were suspended, the G20 played a significant role in mitigating trade tensions, facilitating dialogue and safeguarding the multilateral economic governance mechanism. And since economies still face difficulties in settling trade disputes, the G20 should continue to help them negotiate and reach acceptable agreements.

There is no doubt that unilateralism and trade protectionism pose a threat to economic globalization and intensify the global governance deficit. In particular, the US' punitive tariffs on imports, especially from China, has intensified the trade conflicts and hurt the world economy - so much so that the International Monetary Fund has warned that global GDP growth will decline by 0.5 percent if the trade frictions continue till 2020.

China has advocated that the World Trade Organization be