The many skeptics of the annual G7 summit of major market democracies have long doubted that the promises its leaders make together from their sunny summit peak are actually kept when they return to the dark valleys of domestic politics back home. Such skepticism has spiked as US president Donald Trump prepares to host the 2020 G7 summit, amidst a still deadly COVID-19 pandemic and massive economic pain.
Leadership from the Group of Seven (G7) is needed more than ever as the pandemic continues to devastate economies and as we begin to grapple with the many legacies this global crisis will leave in its wake. Given the increased need for G7 leadership at this time, it is notable that the next meeting is being postponed to September, if it will be held at all.
On June 10 a virtual G7 summit was supposed to take place in the US. As the Covid-19 pandemic is still taking its toll across the world, Donald Trump tried to hold the G7 in person in late June. After a (very) cold reception by the other leaders he had to postpone the meeting until September. However, this decision is raising further doubts, as the US presidential elections will be just around the corner, and as President Trump plans to invite other countries, most notably Russia. Is the G7 still a meaningful summit?
On 14th January, the 15th round of the ‘China-Japan Strategic Dialogue’ was held in Xi’an, the ‘Terracotta Army’ city of China’s Shaanxi province. The mechanism is one of the few communication channels that remain active between the two countries: in addition to this Dialogue and regular diplomatic exchanges, the ‘China-Japan High-Level Economic Dialogue’, the ‘China-Japan Security Dialogue’ and the ‘China-Japan High-Level Political Dialogue’ make up for the entire system of bilateral consultations between Beijing and Tokyo.
South East Asia is an area of utmost importance for Japan’s economic, political and security interests, amounting to “a core strategic interest” for Tokyo.
Japanese Prime Minister Shinzo Abe’s long-life obsession to revise the country’s pacifist constitution suffered a blow in Japan’s Upper House elections last Sunday. The pro-revision political parties and groups – Abe’s Liberal-Democratic Party (LDP), its junior coalition partner Komeito, the revisionist and nationalist Nippon Ishin no Kai (Japan Innovation Party) and a few independent lawmakers – did not win enough seats to hold on to the two-third majority in the 245-seat Upper House they obtained in 2016.
As the US-China trade war rages, and fears of a new conflict in the Gulf loom, world leaders meet in Osaka (June 28-29) at the G20 Summit. Beyond today's crises, the Summit will be a litmus test for the G20 countries’ ability to tackle key global challenges: from financial stability to climate change, from trade protectionism to aging populations and the future of work in the digital age. Will the sense of urgency prevail over growing divisions?
As the world’s premier forum on international economic governance, the G20 plays an important role in global rule-making. Born out of crisis, the G20 has morphed into the inner sanctum of world governance. Given that Africa has been a rule-taker since its decolonisation, its limited participation in this grouping (only South Africa is a full member) runs the risk of perpetuating this situation.
Major technological transformations such as artificial intelligence, big data, FinTech, the Internet of Things and Industry 4.0 are putting the global economy on a new track. These innovations will bring immense economic opportunities as well as dramatic changes in industries, employment and required skills that will create major challenges for individuals, businesses and governments.
The implications of aging societies have been rising on advanced economy agendas for a long time. The challenges posed by a shrinking labor force, potential declines in productivity and a growing number of retirees which, in turn, threaten the sustainability of pension systems and public finance in general are cases in point. In the recent past, several middle- and low-income countries have also been increasingly exposed to the aging of their populations.